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- 1 Indonesia’s Commodity Futures Trading Regulatory Agency confirmed in June 2022 that over 1.5 million crypto users.
- 2 According to the Governor of Bali, foreign tourists might get in trouble for using crypto as a payment mode.
According to an Indonesian media outlet, the provisional government of Bali might take regulatory actions on foreign tourists using crypto for making payments in Hotels, Shopping Centres, Complexes, Restaurants, and Tourism destinations.
During a tourism development press conference, Wayan Koster, the governor of Bali, noted, “International tourists violating the rules in the region that are not in their visa permit, using crypto as payment mode will face harsh actions against them.”
Dozens of senior officials, including the Chief Inspector of Police in Bali, attended the meeting hosted by the governor. They are instructed to take severe action against international tourists misbehaving and using crypto as payment.
Wayan noted, “Harsh action including deportation, administrative sanctions, criminal penalties, closure of business premises.” He said that using any currency other than the rupiah is entirely banned in Indonesia.
As per Indonesian laws, if an individual is found using any other form of currency other than the Indonesian rupiah, that individual will face imprisonment for one year and will have to pay a penalty of 200 million rupiahs.
The governor reiterated that “individuals involved in foreign exchange business activities from Bank Indonesia could face a minimum jail of one year and five years maximum and a nominal fine of 50 million rupiahs and a maximum fine of 22 billion in the country’s native currency.”
The head of Bank of Indonesia, Trisno Nugroho, informed that crypto as an asset is allowed in Indonesia but using it as a payment mode is totally banned.
Country Where Crypto Usage is Prohibited
Numerous other countries, including China, Egypt, and Bolivia, have banned crypto. China officially prohibited using crypto in the country in 2021. The move to ban crypto came after increasing fraud and several other illegal activities.
According to Chainalysis, China’s central government detained 1,100 people in June 2021 related to digital asset-based money laundering, indicating a readiness to crack down on the industry.
China clearly banned cryptocurrency and mining in the mainland in 2021. The mining-ban of the digital asset will lead to a severe blow to the industry.
Cryptocurrencies are among the most innovative forms of technology that offer new and useful features. The global crypto market capitalization is surging rapidly, and at press time, the overall market capitalization was $1.14 Trillion.
As per CoinMarketCap, there are 631 cryptocurrencies registered in the market, and the 24-hour trading volume of the market is $22,350,653,915. Bitcoin is the leader of cryptocurrencies registered in terms of market capitalization. At press time, it is trading at $27,257.00 with a 24-hour trading volume of $10,252,301,410.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
