Indonesia have joined the growing list of Countries banning Cryptocurrency within their realm. According to Pikiran Rakyat the new legislation will prevent payment providers dealing with anyone who is involved in trading with Cryptocurrency. Agus Martowardojo, Governor of Bank Indonesia made the announcement last week on the claim that he is ‘protect the sovereignty of the country’s fiat currency, the rupiah’
Agnus went on to say:
“We are also preventing the potential for arbitration, unhealthy business practices, and the control of businesses by parties untouchable by laws in Indonesia that could who could damage the structure of industries here. Level playing fields with formal financial institutions need to be maintained, we require all financial technology activists who move in the payment system to register with Bank Indonesia, report on activities, and conduct trials in the regulatory sandbox,”
Indonesia is a large Country with a population of just over 260 Million, the large majority of which are unbanked. Bitcoin has provided a form of exchange for millions within the Country over the past couple years, which of course is why heavy Government intervention has now been put into place.
But try as you might, you cannot regulate Bitcoin, it is a tough lesson for any Government to learn – but in time they all will.