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Bank Indonesia Bans the Use of Crypto as Payment Method

Published 06/17/2021, 06:47 AM
Updated 06/17/2021, 07:00 AM
Bank Indonesia Bans the Use of Crypto as Payment Method

  • Bank Indonesia has banned cryptocurrency as a means of payment.
  • BI Governor Perry Warjiyo said the ban is based on existing laws.
  • The development from Indonesia sounds like a similar action adopted by Turkey.

Bank Indonesia Governor Perry Warjiyo stated that the central bank had banned cryptocurrency from being accommodated as a means of payment.

According to Perry, it is based on existing laws.

Cryptocurrency is not a legitimate payment instrument under the Constitution, Bank Indonesia Law, and Currency Law.

On the other hand, the latest development from Indonesia sounds like a similar action adopted by Turkey. According to a report, the Central bank of the Republic of Turkey (CBRT) also banned crypto payments. Also, declaring that they could not use them to pay for goods and services.

With the volatile nature of crypto assets,

This article was first published on coinquora.com

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