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Bali under stricter crackdown for Bitcoin

There have been news about cryptocurrency crackdown in Asia, with South Korea and China leading the way. The latest news out of Asia is from one of the indonesian archipelago Bali. The reports states that Bali – one of the most popular tourist destinations – is a Bitcoin hive.

The Head of Bank Indonesia’s representative office in Bali, Imam Karana, said,

“We found out from some postings on social media that Bali appeared to have become a haven for bitcoin transactions.

As per regulatory action taken by policymaker, the use of bitcoin as a point of sale transaction in Bali is illegal. Shortly after the regulation was brought into place. Island officers went undercover to discover the businesses still accepting bitcoins.

Karana further stated,

“The next step is we will ban them as mandated by the law. We ask them not to use it anymore. Along with the Directorate of Special Crime Investigation unit, we will enforce the rule that all transactions in Indonesia must use rupiah.”

The viability of bitcoin was under scrutiny due to slow transaction and higher speed. But with Lightning flashing the way, the buyers and spenders might be pushed to be allowed to use BTC.

 

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