Bank Indonesia: Bitcoin not currency or legal payment tool

Regulation | June 24, 2015 By:

In a public statement, the Bank of Indonesia says that citizens are encouraged to be careful toward Bitcoin and other virtual currencies, as they are not currencies or legal payment instruments. It further declared that all risks related to the ownership and use of Bitcoin should be borne by the owners.

Prior to this, the governor of the Bank of Indonesia already said that using bitcoin breaks a number of the country’s laws. The latest statement doesn’t necessarily ban its use but contains strongly-worded statements against the cryptocurrency.

Bitcoin has had a slow but steady start in the country, with a number of exchanges cropping being established. Whereas some are still in development, others have already started offering services to the local customers. For the success of Bitcoin, it is essential that it also gets success in Indonesia, the world’s fourth most populous country, with nearly 240 million people.