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INDONESIA BANS .........The use of Bitcoin as a Means of Payment

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There are reports indicating that Indonesia’s central bank has decided to crack down once again on Bitcoin, stating that it represents neither a legal nor recognized medium of exchange and payment in the country.

The Indonesian Central Bank thus returns to its 2014 position on the digital currency, when it banned the use of digital currencies.  It has therefore resumed its campaign against digital currencies with an order prohibiting the use of the leading virtual currency Bitcoin as a method of payment. 

The bank claimed that Bitcoin represents neither a legal nor a recognized medium of exchange and payment in Indonesia.

The latest action by the central bank was seen as the reason behind the closure of the Indonesia-based Bitcoin payment platforms BitBayar and TokoBitcoin. BitBayar, an alternative to services such as BitPay, has issued a notice that it will stop its services on Nov. 1.

Also, TokoBitcoin has opted to stop accepting the leading cryptocurrency as a method of payment.

Although there are no reports that the central bank has officially requested the closures, the pronouncement by central bank governor, Agus Martowardojo, against Bitcoin and its users is a clear warning to them.

In a statement, Martowardojo said that the top-dog cryptocurrency was not a legit means of payment and that if it is utilized as such, action would be taken by the authorities.

This latest decision is one likely to have a negative impact on numerous fintech businesses and start-ups operating within Indonesia, as many of them will have no choice than to relocate their business operations elsewhere.


Friend, Jesus came looking for you. Give your heart to Him, Love the Lord with all your heart, strength and might.  Love your neighbour as yourself, hold no offence, no bitterness - the Lord is near you to help you!



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