The actions of governments and regulatory authorities in Asia have been a hot topic in the cryptocurrency space over the last few weeks. The recent crash is widely seen as being driven by reports that the South Korean government indicating it is set to crackdown on cryptocurrency usage. A similar concern is hanging over the already heavily regulated Chinese market right now, rooted in potential government actions to limit access to international exchanges for users within its borders.
Bali A Hive Of Bitcoin Activity?
But it doesn’t stop there.
The latest news out of Asia is that Indonesian authorities are looking to investigate bitcoin-associated activity in Bali, one of Southeast Asia’s most popular tourist destinations and – if the reports are to be believed and the concern’s of the Indonesian government validated – a hive of bitcoin-related activity.
Here’s what Iman Karana, head of Bank Indonesia’s representative office in Bali, had to say on the development:
We found out from some postings on social media that Bali appeared to have become a haven for bitcoin transactions.
Using bitcoin as a point of sale transaction token in Bali is illegal, as per regulatory action taken by policymakers in the region back in December 2017. Shortly after the regulatory action was put in place, however, police on the island went undercover to investigate reports of businesses still accepting bitcoin as a payment method.
The results of this undercover operation led to only two businesses being uncovered as still accepting bitcoin, with a further 44 (with operations ranging from car rental to jewelry and more) having just recently stopped…