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Indonesian Media Urge Bitcoiners to Cash In Ahead of Crypto Ban

“Bank Indonesia will enact a regulation that confirms the ban on using virtual currency,” announced Pikiran Rakyat. The Republic of Indonesia’s central bank appears to be pushing forward on their often-threatened cryptocurrency ban, which is reported to include “parties that facilitate digital currency transactions.” In turn, at least one media outlet is encouraging holders to “cash in” as a way of avoiding the crackdown.

Indonesia Central Bank Hunts Bitcoin

“We view digital technology as bringing huge changes and high uncertainty to the future economic model, and we, as policy makers, need to anticipate the developments brought about by this fundamental change,” explained Bank Indonesia Governor Agus Martowardojo at the recent Annual Meeting of Bank Indonesia.

Tia Dwitiani Komalasari paraphrases the central banker as saying that “this is done to maintain the sovereignty of the rupiah as legal tender in the Unitary State of the Republic of Indonesia.”

Regional reports regularly point out the now cliched pretexts of cryptocurrencies being used in money laundering and terrorism to buttress Indonesia’s unusually aggressive move against decentralized currencies.

The ban seems to be comprehensive, as they’re also looking to “prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of [the country] that could damage industrial structures,” Mr. Martowardojo detailed.

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