Image Image Image Image Image Image Image Image Image Image Image Image

| December 12, 2017

Scroll to top


Media Archives -

Indonesian Media Urge Bitcoiners to Cash In Ahead of Coming Government Crypto Ban

December 2, 2017 |

Indonesia Media Urge Bitcoiners to Cash-in Ahead of Coming Government Crypto Ban

“Bank Indonesia will enact a regulation that confirms the ban on using virtual currency,” announced Pikiran Rakyat. The Republic of Indonesia’s central bank appears to be pushing forward on their often-threatened cryptocurrency ban, which is reported to include “parties that facilitate digital currency transactions.” In turn, at least one media outlet is encouraging holders to “cash in” as a way of avoiding the crackdown.

Also readIndonesian Bitcoin Payment Processors Shut Down, Exchanges Unaffected

Indonesia Media Urge Bitcoiners to Cash-in Ahead of Coming Government Crypto Ban

Indonesia Central Bank Hunts Bitcoin

“We view digital technology as bringing huge changes and high uncertainty to the future economic model, and we, as policy makers, need to anticipate the developments brought about by this fundamental change,” explained Bank Indonesia Governor Agus Martowardojo at the recent Annual Meeting of Bank Indonesia.

Tia Dwitiani Komalasari paraphrases the central banker as saying that “this is done to maintain the sovereignty of the rupiah as legal tender in the Unitary State of the Republic of Indonesia.”

Regional reports regularly point out the now cliched pretexts of cryptocurrencies being used in money laundering and terrorism to buttress Indonesia’s unusually aggressive move against decentralized currencies.

The ban seems to be comprehensive, as they’re also looking to “prevent arbitrage opportunities, unhealthy business practices and business controls by parties outside the legal reach of [the country] that could damage industrial structures,” Mr. Martowardojo detailed.


Indonesia is Southeast Asia’s largest economy, and home to the biggest concentration of Muslims in the world. It also has an enormous unbanked population, whereby as late as 2014 little more than a third of adults held bank accounts. And figures for the country’s poorest point to only 20 percent having access to banking capital. The government in recent years has launched campaigns and initiatives to increase institutional financial literacy.

Indonesia Media Urge Bitcoiners to Cash-in Ahead of Coming Government Crypto Ban

These basic facts might provide clues as to why its government is working hard to ban bitcoin. Bitcoin effectively limits the need for dependency on state notes as well as state minders.

Ms. Komalasari writes the ban will be “on using virtual currency that has no clear legal aspects, including bitcoin. The agency also prohibits payment system organizers to process and cooperate with parties that facilitate digital currency transactions.”

“Level playing fields,” Indonesia’s regulator warned, “with formal financial institutions need to be maintained, [and] 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,” the central banker said (emphasis added).

Cash In?

Coconuts Jakarta didn’t mince its words at the banker’s comments, urging: “It might be necessary for owners of Bitcoin in Indonesia to cash in on their digital asset soon in the face of its impending ban by the government, especially as the value of the cryptocurrency has skyrocketed recently.”

“That said, Bitcoin remains popular in Indonesia, where it was estimated in 2015 that there are US$ 30,000 to US$ 50,000 worth of Bitcoin transactions taking place each day,” the online news agency noted.

What do you think of BI’s attitude toward bitcoin? Tell us in the comments below!

Images courtesy of: Pixabay. 

At there’s a bunch of free helpful services. For instance, check out our Tools page!

The post Indonesian Media Urge Bitcoiners to Cash In Ahead of Coming Government Crypto Ban appeared first on Bitcoin News.

Bitcoin News

Why companies and media organizations are taking days, not months, to act on sexual allegations

December 1, 2017 |

Lurid allegations of sexual misconduct and sexual harassment lawsuits swirled for years around former American Apparel founder and Chief Executive Dov Charney.

As early as 2004, a reporter from Jane magazine wrote that Charney masturbated in front of her. (In an interview with The Times in 2008

L.A. Times – Business

LA Weekly staff is slashed as Semanal Media finishes buying the publication

November 30, 2017 |

LA Weekly’s staff was gutted Wednesday as Voice Media Group completed its sale of the alternative newsweekly to a newly created company, Semanal Media.

Nine of the 13 members of the editorial staff lost their jobs, including all the top editors and all but one of the staff writers.

“To have such…

L.A. Times – Business

Critics Say FCC’s Rule Change Will Hurt Media Diversity

November 17, 2017 |

Federal regulators are loosening rules meant to support independent local media, the AP reports. Now, one company can own both newspapers and TV stations in one market, undoing a ban in place since 1975. Thursday’s vote by the Federal Communications Commission also makes it easier for one company to own…

Russian lawmakers pass bill requiring overseas media to register as ‘foreign agents’

November 16, 2017 |

Russian lawmakers approved legislation Wednesday that would allow authorities to force any foreign media organization to register as a “foreign agent” — signaling an increasingly hostile relationship between the U.S. and Russia.
FOX News

Missouri girl, 14, faces social media bullying after shooting elk she mistook for buck

November 15, 2017 |

A 14-year-old Missouri girl spotted giant antlers and pulled the trigger, thinking she had just nabbed a white-tailed buck, only to discover the animal was an elk — an innocent mistake that some social media users have bullied her about, her father said.
FOX News


Russia threatening action against U.S. media

November 10, 2017 |

Russia is threatening action against U.S. media outlets operating there as soon as next week. – RSS Channel – World


Kim Jong Un and wife appear on state media

November 2, 2017 |

North Korean state media published pictures of leader Kim Jong Un touring a cosmetics factory. His wife Ri Sol Ju made a rare public appearance with him. – RSS Channel – World

FCC plans vote on loosening of limits on media ownership

October 25, 2017 |

The Federal Communications Commission is planning to vote in November on proposals to roll back ownership rules that were meant to support diverse voices in local media.

The newspaper and broadcasting industries have pushed for changes to the rules as they face growing online competition. Critics…

L.A. Times – Business

FCC to Ease Limits on Local Media Ownership

October 25, 2017 |

The Federal Communications Commission is planning to make sweeping changes to media-ownership rules next month, eliminating or scaling back longstanding limits on local ownership of TV stations and newspapers, its chairman said Wednesday. US Business