The reason Indonesia forbids Bitcoin

Jakarta - Bank Indonesia (BI) strictly prohibits the use of bitcoin for investment and transactions. The use of bitcoin is believed to disrupt national economic stability including monetary, financial and payment systems.

Head of BI Payment System Policy Department, Onny Widjanarko said the dangers of using bitcoin have been felt by some countries. BI as the monetary authority reminds the public that it should not happen in Indonesia.

"The developments are happening in various countries," he said in a press conference at Bank Indonesia, Jakarta, Wednesday (31/1/2018).

"Then Japan where the bitcoin exchange was hacked US $ 530 million, said he would be returned, but it is questioned who will return the money from which, like that we want to happen in Indonesia, as soon as there is danger to whom?" he added.

In addition, the New York Stock Exchange Commission has also recently confirmed it will not be able to recognize virtual currency as an investment if it can not answer six things. Among other aspects of how to calculate its assets so high volatility. Then the legal umbrella how up to the scope of any accounting standards.

"These developments are of concern to BI, because in terms of monetary system stability it is very dangerous because of its extraordinary money creation process Not only the monetary stability, finance and payment system, but also the consumer protection that occurs in Japan, explained Onny.

As for those users who already have bitcoin at this time, BI does not have legal protection for it, so the decisions taken by the community at this time considered to have been taken into account the profit and loss. To that end, BI asked to stop the use of bitcoin before the end of the feared occurred.

"If it is already, it means taking a risk, which means that we are ready to gain profit or loss, but our hope should not be widespread if it is unclear, if it is clear that the new buyers will take the decision. occurs in various countries, "he concluded.