Indonesia’s Central Bank Bans the Use of Cryptocurrencies for Payments
Despite the massive adoption of other countries in cryptocurrency, the Indonesian authorities have decided they want nothing to do with this emerging asset class.
According to a report, Bank Indonesia Governor Perry Warjiyo announced in a virtual seminar that the central bank has banned Indonesian financial institutions from accommodating cryptocurrency as a means of payment or other financial services tools.
He said, “[Cryptocurrency] is not legitimate payment instruments under the Constitution, Bank Indonesia Law, and Currency Law.”
To ensure that Indonesian financial services providers and payment processors adhere to the new policy, Warjiyo added that Bank Indonesia would assign field supervisors to check on the activities of these institutions.
