The Biggest Country in Southeast Asia Just Banned Cryptocurrency

[kreslik.news]

Indonesia is to ban all cryptocurrency use, according to a local media report.

Pikiran Rakyat reports that the legislation will prohibit payment providers from cooperating in any way with “parties that facilitate digital currency transactions.”

Agus Martowardojo, Governor of Bank Indonesia, made the announcement at an annual meeting last week. He said that the decision was made to protect the sovereignty of the country’s fiat currency, the rupiah.

He said that the prohibition will include “arbitrage opportunities, unhealthy business practices and business controls” of all agencies that operate outside the legal reach of the government, because they could “damage industrial structures”.

“Level playing fields ... (read more)