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Indonesians Anticipate a Terrible Bitcoin Ban People advised to Cash in their Bitcoins

Dec 04, 2017 Posted /  5087 Views

Indonesians Anticipate a Terrible Bitcoin Ban People advised to Cash in their Bitcoins

Central Bank of Indonesia Plans an Attack on Bitcoin

The Central Bank of Indonesia is plotting a major attack on Bitcoin which will see the cryptocurrency use significantly reduced in the Country. The Justification is given by the bank for this anticipated vice on Bitcoin is that cryptocurrency is bringing a high level of uncertainty to the economic future of the country’s economic model. The Governor of the Bank of Indonesia Agus Martowardojo during an annual meeting of the Bank revealed that,

“As policy makers they have to anticipate a clearer future for the country's economy and he believes that cryptocurrency is not the right path”

The governor claims that they are trying to maintain the sovereignty of the Indonesian Rupiah as a legal tender in the country but did not explain how cryptocurrency can affect the sovereignty of the country’s fiat.

Reports indicate that the Indonesian Government is attempting to put a ban on Bitcoin in the pretense that the cryptocurrency is being used to mastermind financial crimes and Terrorism in the country.

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Majority of the Population Lack Access to Banking Services

Bitcoin and related cryptocurrency services were bridging the gap left out by the insufficient penetration of banking services within the country's borders. Reports showed that by early 2014 less of a third of the Indonesian population had bank accounts. Just below 20% of the country’s poorest people have access to financial services from a Bank. Although the government has made numerous gestures to ensure mass spread financial literacy the country still lags in terms of Bank outreach.

The government is putting a ban on Bitcoin so as it could cut off the sprout of citizens relying on Bitcoin instead of Banks which the government thinks will render the state currency useless.

According to the Central Bank, the Ban will include all digital currencies with no legal aspects in the country including Bitcoin. It further stretches the ban to include payment systems and digital currency facilities.

The central Bank requires all businesses related to financial services to register with the bank and first showcase how their business operations in a regulated environment before going public. However, it is unclear whether cryptocurrency Businesses would be given the chance to register too.

Media Fraternity Advices People to Cash in their Bitcoin

Major media houses are running campaigns aimed at informing Bitcoin users to sell off their Bitcoins and convert the funds to the normal fiat circulation in the country. This according to the media Fraternity will help prevent loss of funds in case the government runs a crackdown on cryptos.

However putting a ban on Bitcoin is a laughable joke as the cryptocurrency was designed to resist censorship by the government. Closing Bitcoin exchanges also do not stop people from Buying and selling cryptocurrencies in the country as other platforms like Telegram can still be used to conduct trading.

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Tags: Ban cryptocurrency cryptocurrency Cryptocurrency users Terrible Bitcoin Central Bank ban Bitcoin Ban on Bitcoin

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