Use Of Bitcoin Under Investigation In Bali
January 19 2018 - 1:00AM
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The Central Bank of Indonesia has launched an investigation to
see if bitcoin is being used in the holiday island of Bali.
Media quoted Causa Iman Karana, head of Bank Indonesia's (BI)
representative office in Bali Province, as saying that the bank
authorities, in coordination with police, are focusing on tourist
areas based on some information through social media that Bali
appeared to have become a haven for bitcoin transactions.
Karana said this virtual currency is declared as an illegal
payment method in Indonesia, and that transactions in currencies
other than Rupiah will be strictly dealt with.
Special police teams are deployed in multiple points in
Bali.
One of the teams found two cafes still using bitcoin as a means
of payment, while several other businesses have stopped offering
the service.
Foreigners are mainly suspected to be involved in virtual
currency transactions on the international tourist resort island,
which is Indonesia's tourism hub that attracts a large expatriate
community.
Bank Indonesia, the central bank of Southeast Asia's biggest
economy, had earlier warned that ownership of virtual currencies
poses high risks. They are prone to speculation, money laundering
and financing terrorism, and its value is very volatile. The bank
also warned of the risk of inflation.
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