Bali Governor Warns Tourists: Crypto Usage Will Be Tightly Regulated
- Cryptocurrency payments are not allowed in Bali, Indonesia, and tourists must use the official currency, the rupiah, for transactions.
- Businesses found accepting cryptocurrency payments in Bali may face penalties, including fines and closure.
- Indonesia plans to establish a national cryptocurrency exchange, but using crypto for payments is still against the law.
Bali's Strict Stance on Cryptocurrency Payments for Tourists
Cryptocurrency trading is allowed in Indonesia, but using crypto to buy things is not allowed.
The governor of Bali reminded tourists that they must use the official money, called rupiah when paying for things.
The governor talked to the press and warned tourists that if they use cryptocurrency to pay, they will get in big trouble. They might have to leave the country, pay fines, or even have their businesses closed.
A report found some businesses in Bali that accepted cryptocurrency, like a place for meditation, a motorbike rental, and a cafe about crypto. But it's important to know that using crypto to buy things is against the law in Indonesia.
The boss of Bank Indonesia in Bali said it's okay to trade crypto, but not to use it for buying things. The government wants to make sure only the rupiah is used for money transactions in the country.
Even though using crypto to pay is not allowed, Indonesia plans to start a big place to trade cryptocurrency. The Ministry of Trade will control this place, but it's taking longer than expected to start.
Bali Government Cracks Down on Crypto Payments to Preserve National Currency Stability
To stay out of trouble, businesses and tourists in Bali must follow the rules about using crypto to pay. The government wants to keep control over the money in the country and stop problems that can come with crypto. By stopping crypto payments, they want to keep the rupiah as the most important money in the country.
Right now, 36 businesses in Bali accept cryptocurrencies, mostly in a town called Ubud that tourists like. But with the new rules from the Bali government, these businesses might get punished for not following the payment rules.
The government in Indonesia knows that crypto is becoming more important and can affect the economy. They want to have a special place to trade crypto in the country, so they can control it.
As things change, it's very important for tourists and businesses in Bali to follow the rules about using crypto to pay. This will help them stay out of trouble and keep the money system stable in the country.
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