Bali will start deporting tourists for paying with cryptocurrency
The rupiah is the only legal tender in the country
29.05.2023 - 13:00
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What’s new? The authorities of the Indonesian island of Bali will fight against the use of cryptocurrencies as a means of payment by tourists. When paying for goods and services using digital assets, offenders will face administrative or criminal liability, as well as possible deportation from the country. This was announced by Bali Governor Wayan Koster at a press conference on tourism development in the region.
What else is known? Although cryptocurrencies are not banned in Indonesia, they cannot be used as a means of payment. The relevant law was passed in 2021. Violations carry high fines of 50 million to 22 billion rupiahs ($3300 / $1,4 million respectively), as well as prison sentences of 1 to 5 years.
According to the governor, harsh sanctions will also be applied to tourists.
“Foreign tourists who behave inappropriately, do activities that are not allowed in their visa permit, use crypto as a means of payment, and violate other provisions will be dealt with firmly,” Koster added.
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Cryptocurrency regulation in Indonesia. The authorities announced plans to launch their own crypto exchange until oversight of the industry is transferred from the Commodity Futures Trading Regulatory Agency (Bappebti) to the Financial Services Authority (FSA). The launch is expected in the coming weeks.
As of early 2023, 393 cryptocurrencies were permitted to trade in Indonesia, 161 more were under review by Bappebti, and the number of investors was 16 million. The rupiah remains the only legal tender in the country.
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