The provincial government of Bali (Indonesia) will stop the use of digital assets by tourists for payments in hotels, restaurants, shopping centers and other places. This is reported Antara.
“Foreign tourists who behave inappropriately, commit activities not approved by their visa authorization, use cryptocurrency as a means of payment, and violate other regulations will be severely punished,” Bali Governor Wayan Coster said.
The proposed measures include deportation, administrative penalties, criminal prosecution, business closures and other sanctions, he said.
The Governor recalled that the use of currencies other than the rupee as a means of payment is regulated by a 2011 law.
“People who carry out foreign exchange transactions without the permission of the Bank of Indonesia can be punished with imprisonment for a term of one to five years, as well as a fine of 50 million rupees ($3,300) to 22 billion rupees ($1.4 million). “, – said Coster.
A representative of the Bank of Indonesia in the province of Trisno Nugroho clarified that cryptocurrencies are allowed as an asset, but prohibited as a payment instrument.
In February, the country’s authorities adopted the Law on the Development and Strengthening of the Financial Sector, which classified digital currencies as securities.
Recall that in 2020, Jump Capital experts included Indonesia among the most promising jurisdictions for cryptocurrencies.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
The provincial government of Bali (Indonesia) will stop the use of digital assets by tourists for payments in hotels, restaurants, shopping centers and other places. This is reported Antara.
“Foreign tourists who behave inappropriately, commit activities not approved by their visa authorization, use cryptocurrency as a means of payment, and violate other regulations will be severely punished,” Bali Governor Wayan Coster said.
The proposed measures include deportation, administrative penalties, criminal prosecution, business closures and other sanctions, he said.
The Governor recalled that the use of currencies other than the rupee as a means of payment is regulated by a 2011 law.
“People who carry out foreign exchange transactions without the permission of the Bank of Indonesia can be punished with imprisonment for a term of one to five years, as well as a fine of 50 million rupees ($3,300) to 22 billion rupees ($1.4 million). “, – said Coster.
A representative of the Bank of Indonesia in the province of Trisno Nugroho clarified that cryptocurrencies are allowed as an asset, but prohibited as a payment instrument.
In February, the country’s authorities adopted the Law on the Development and Strengthening of the Financial Sector, which classified digital currencies as securities.
Recall that in 2020, Jump Capital experts included Indonesia among the most promising jurisdictions for cryptocurrencies.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!