Indonesian Island Bali to Ban Bitcoin Trading

Bitcoin is under tracking on Bali, which is an island in the Indonesian archipelago. Central Bank is going to crack down the use of the cryptocurrency anywhere in the nation. The head of Indonesia’s Bank Causa Iman Karana said in his speech:

“We found out from some postings on social media that Bali appeared to have become a haven for Bitcoin transactions. The next step is we will ban them as mandated by the law. We ask them not to use it anymore. Along with the Directorate of Special Crime Investigation unit, we will enforce the rule that all transactions in Indonesia must use rupiah.”

In the past the country announced that it has a significant local acceptance of using Bitcoin, but recently made reports mentioned that the government is trying to ban the trading of digital currencies. The risk of money laundering and criminal activity has led to the increased scrutiny.

The critics against Bitcoin and other digital currencies from Chinese and South Korean governments is less strong than the lenient Australian position.