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Indonesia Plan to Ban Bitcoin transactions ?

Kargai

By Kargai
in General

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Kargai Proficient

Kargai

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According to the Jakarta Post, Bank of Indonesia plans to regulate and prohibit Bitcoin transactions starting in 2018.

Even if lots of countries embrace or at least don't do anything against cryptos, it's not the same for some others. Recently we had see countries like China, Vietnam or Russian (in some extend) speaking about some restrictions about the digital currencies. This time it's Indonesia.

Note that it's not the government who plan to ban BTC it's the central bank of the country who is currently running a review to determine the future status of digital currencies.

Source : http://www.newsbtc.com/2017/12/07/indonesia-to-ban-bitcoin-transactions/

I personnaly believe this is the main threat against cryptos. If all the banks (who run governments anyway) decide to ban cryptos, it can be dommageable and make the currencies lose part of their value. But i'm not too concerne neither since it will be hard for them to have a global consensus around the question.

Kargai Proficient

Kargai

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24 minutes ago, Ymerej said:

ohh damn :( what a news :( @Kargai if this will happen do you think if this happen there will be a big BTC fork? 

Fork has nothing to do with it and will not change anything about the ban (if ban is announced).

But if you read the article you'll see that it's still a long way before a ban can happen. First the bank need to make an audit, then they'll have to choose for a ban or not.

Even if a ban take place in Indonesia it will not impact the price of cryptos that much, it will only be the case if multiple countries start to do the same. But it could be more painful for Indonesian people to transfer and use websites with BTC/crypto ... as casino & co (Stake for example ^^), maybe they'll have to use a VPN or something. 

jkd123 Grand Master

jkd123

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I read local news few days ago.. but when i checked on biggest indonesian market, bitcoin price is more expensive then average bitcoin price.. its like 10-15% higher. seems like they don't care about the news

wilberthh Collaborator

wilberthh

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USA, China, and now Indonesia.. All these big countries are banning crypto but yet the price is still rising. I don't see this as something concerning tbh, people will find a way to buy bitcoin and cash it out. Bitcoin is decentralized anyway :D

Kargai Proficient

Kargai

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Forbes article is older, things change ;) And the ban was mostly about ICO's and exchanges, banning bitcoin or banning investments in bitcoin is not the same. If they really wanna ban bitcoin they'll just had to cut their mining farm since China is one of the biggest mining country in the world, it would be easy to do and it will impact BTC a lot more. But they don't do it.

Plus the article stated "China's regulations might have stopped a few start-ups for raising funds, but the general consensus is that this is temporary."

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