BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Regulation

Bali Tightens Regulations on Crypto Payments: Emphasizes Use of Indonesian Rupiah

by Dan K
May 29, 2023 - 2:00 pm
in Regulation
Bali's Governor Wayan Koster addressing the press conference

In a recent move, Bali’s government has taken a stand against tourists making payments for goods and services using cryptocurrency. The governor of the island, Wayan Koster, reiterated that the only legal tender in Indonesia is its fiat currency.

Bali’s Stand against Crypto Payments

On May 28, according to the Antara, a government-owned news agency, Governor Koster hosted a press conference where he indicated that tourists who “use crypto as a means of payment will be dealt with firmly.”

The governor added, “Strict actions range from deportation, administrative sanctions, criminal penalties, closure of business premises and other tough sanctions.” The conference was attended by key officials, including Bali’s chief police inspector and Trisno Nugroho, the head of the Bali Representative Office for Bank Indonesia — the country’s central bank.

Nugroho further affirmed that while trading crypto is permitted, its use as a form of payment is strictly prohibited.

Indonesia’s Legal Tender: Rupiah

Reinforcing the currency regulations, Koster stated that the only acceptable form of payment in the country is the Indonesian Rupiah. Using other currencies for payments could result in stringent penalties, including a maximum potential sentence of one year in prison and a fine of 200 million rupiah ($13,000).

This reminder from the governor comes in light of a recent investigative report published on May 26 by Kompas, a prominent Indonesian newspaper.

Cryptocurrency Use in Bali Businesses

The Kompas investigation revealed several Bali-based businesses accepting cryptocurrency payments. This list included diverse establishments such as a meditation retreat, a motorbike rental venture, and a cryptocurrency-themed café.

Coinmap, a project mapping businesses accepting crypto, indicates there are 36 such businesses in Bali, predominantly in Ubud, a popular tourist destination.

Indonesia’s Path to Crypto Exchange

Despite this hardened stance against cryptocurrency usage in payments, Indonesia is preparing to launch a national crypto exchange by the following month.

The Ministry of Trade in Indonesia is expected to act as a custodian and clearing house for local cryptocurrency markets. The platform was initially planned to be operational by the end of 2022 but has experienced delays.

Tags: CryptoIndonesiaRegulation
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

SUS Capitol building with digital crypto symbols, symbolizing upcoming regulatory discussions in Congress.

US Lawmakers Expected to Propose Crypto Regulation by November — Anthony Scaramucci

February 4, 2025

Anthony Scaramucci suggests US lawmakers may propose crypto regulations by Nov 2024 to gain support from the industry...

Former Binance CEO Changpeng Zhao warning about crypto security exploit affecting Apple devices

CZ Warns Crypto Community of New Exploit Targeting macOS and iPhone Users

November 21, 2024

CZ warns the crypto community of zero-day exploits on Intel Macs and iPhones, urging updates to protect sensitive...

Cathie Wood of ARK Invest discusses the impact of SEC deregulation on the US economy

Defanging the SEC: How Regulatory Shifts Could Turbocharge the US Economy

November 11, 2024

Cathie Wood foresees US economic growth through SEC deregulation, tech innovation, and pro-crypto policies under Trump. Emerging tech...

Bolivian bank Banco Bisa launches a USDT custody service, enabling clients to buy, sell, and transfer USDT

Bolivia Embraces Crypto Momentum: Banco Bisa Launches USDT Custody Service

October 28, 2024

Bolivia's Banco Bisa introduces USDT custody service, allowing clients to securely buy, sell, and transfer stablecoins within a...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service