Bank Indonesia central bank plans to prohibit Bitcoin in 2018

Reportedly, Agus Martowardojo, the governor of country’ central bank, Bank Indonesia (BI) is implementing regulation to sweep ban on Bitcoin trading.

According to Pikiran Rakyat, local publication, during the central’s bank annual meeting last week, central bank made revelation. Thus, claiming that mutilate regulation was obligatory to maintain the fiat currency.

He explains,

“We [will] also prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of Indonesia’s laws that could damage the structure of industries here”.

Martowardojo, officially said cryptocurrencies are not only being in use for terrorism financing and money laundering. Thus, threatening bitcoin investors. Earlier in Bitcoin, using bitcoin payment ‘will be dealt with’ says the central bank chief.

Also Read: Bank of Indonesia ceased operating bitcoin payment platforms

Moreover, due to 2018 results the new rule including Fintech startups and companies under its purview. Thus, in accordance to the central banker.

Accordingg to CNN Indonesia, Tongam Tobing, the chairman if Indonesia Task Force under the financial services authority said,

“We urge you to invest in logic, not Bitcoin, so people do not go there…People, if you want to invest, do not invest in virtual money, but invest in the legal [assets] that can improve the economy of Indonesia”.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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