Bali Warns Tourists Who Pay Using Crypto
- Antwan Koss
- May 29, 2023
- Crypto, news
- Bali, Ban, Crypto, Regulations
- 0 Comments
The government in Bali has warned tourists and businessmen who pay for various services using crypto. Kompas, a local news publication reported that tourists were paying for services like meditation practices, motorbike rentals and even food using cryptocurrency. The authorities have said that there will be serious penalties like hefty fines or one year of prison. This decision was taken after a meeting which was attended by the Chief of Bali Police General Putu Jayan Danu.
Governor Wayan Koster said that tourists who do not adhere to these rules will be charged under the Criminal Code or even deported. Digital assets in Indonesia are recognized as tradeable commodities but they cannot be used for payments.
Strict Penalties Will Be Imposed
The governor emphasized that Indonesian laws and Bank Indonesia regulations include stringent penalties for individuals who use cryptocurrencies for transactions. Among these measures is a recent law enacted in 2023, which states that individuals engaging in foreign exchanges without proper authorization may face imprisonment ranging from one to five years, as well as fines ranging from 50 million rupiah (US$3,300) to 22 billion rupiah (US$1.5 million).
Zulkifi Hasan, the trade minister of Indonesia said that the country is all set to launch the much-awaited national crypto exchange in June. This exchange will be named Nat’l exchange which will facilitate the buying and selling of cryptocurrency. The exchange will act as a custodian and also manage the flow of assets.
The regulation and supervision of the cryptocurrency industry in Indonesia are carried out by the Indonesia Commodity Futures Trading Regulatory Agency, commonly referred to as Bappebti.
