Indonesia’s Central Bank Mulls Bitcoin Payments Ban

Indonesia’s central bank has revealed is considering new regulations that would outlaw bitcoin transactions from 2018.

Bank Indonesia’s head of transformation, Onny Widjanarko, said yesterday that the bank is seeking the ban due to concerns over bitcoin’s potential use in terrorism financing, money laundering and drug trafficking.

The central bank, which has the authority to decide policy on monetary affairs, is currently conducting a review to determine whether bitcoin would be regulated under existing e-money rules or in a separate framework addressing cryptocurrencies.

According to a report by The Jakarta Post, he stated:

“Currently, there is no single regulation for those who carry out transactions using bitcoin.”

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