A new warning over cryptocurrency use comes from Indonesias central bank

Monday 15 January 2018 10:28 CET | News

Indonesia’s central bank has issued a fresh warning over cryptocurrencies trading as it could pose a threat to the stability of the financial system.

Moreover, the bank has previously said that cryptocurrencies were not recognized as a legal medium of exchange, so that they could not be used as a means of payment in Indonesia. Virtual currencies could also be used in money laundering and terrorism funding, and due to all these factors could have an impact on the stability of the financial system and causes losses for society.

Indonesian authorities have been stepping up their warnings and in December 2017 the Indonesian Bank issued a regulation banning use of cryptocurrencies by financial technology companies involved in payment systems, and said it is examining whether there’s a need to regulate trading on virtual currency exchanges.

However, some Indonesian merchants, including an online babyware supplier, indicate on their websites that they accept payment in Bitcoin, according to Reuters.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Central banks, Indonesia, Bitcoin, Bitcoin trading, regulation, cryptocurrency, stop accepting Bitcoin, crypto
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies