Bali Governor Ban Crypto Payment: Fines Up To $1.4M And Imprisonment Violators
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Key Points:
- Bali Governor announced strict actions against foreign tourists using cryptocurrencies as payment in Bali.
- Crypto is allowed as an asset but is banned as a payment instrument in Bali; violating this rule will result in legal repercussions.
The Bali governor is cracking down on tourists who use crypto as payment, with severe penalties. Crypto is banned as a payment instrument in Bali.
The Bali Provincial Government recently announced that it will be taking strict action against foreign tourists who use cryptocurrency for payment in hotels, restaurants, tourism destinations, shopping centers, and other places. Bali Governor Wayan Koster expressed that these violations would be dealt with firmly, with a range of sanctions, including deportation, administrative sanctions, criminal penalties, closure of business premises, and other tough sanctions.
Koster clarified that the prohibition on the use of currencies other than the rupiah as a means of payment in Indonesia is regulated by Law No. 7 of 2011 on Currency. This means that anyone using other forms of currency besides the rupiah can be punished with imprisonment of one-year maximum and a maximum fine of Rp200 million (US$13,300).
It is worth noting that the rupiah is the official currency in Indonesia, regulated by Law No. 4 of 2023 concerning the Development and Strengthening of the Financial Sector and by Bank Indonesia Regulation No. 17/3/PBI/2015, which requires the use of rupiah in the Indonesian territory.
People carrying out foreign exchange business activities without permission from Bank Indonesia can be imprisoned for a one-year minimum and a five-year maximum and a minimum fine of Rp50 million (US$3,300) and a maximum of Rp22 billion (US$1.4 million).
In addition, Head of BI Bali Representative Office Trisno Nugroho clarified that crypto is allowed as an asset and is banned as a payment instrument. This means that foreign tourists who attempt to use cryptocurrency as a means of payment in Bali will face legal repercussions.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Bali Governor Ban Crypto Payment: Fines Up To $1.4M And Imprisonment Violators
Share:
Key Points:
- Bali Governor announced strict actions against foreign tourists using cryptocurrencies as payment in Bali.
- Crypto is allowed as an asset but is banned as a payment instrument in Bali; violating this rule will result in legal repercussions.
The Bali governor is cracking down on tourists who use crypto as payment, with severe penalties. Crypto is banned as a payment instrument in Bali.
The Bali Provincial Government recently announced that it will be taking strict action against foreign tourists who use cryptocurrency for payment in hotels, restaurants, tourism destinations, shopping centers, and other places. Bali Governor Wayan Koster expressed that these violations would be dealt with firmly, with a range of sanctions, including deportation, administrative sanctions, criminal penalties, closure of business premises, and other tough sanctions.
Koster clarified that the prohibition on the use of currencies other than the rupiah as a means of payment in Indonesia is regulated by Law No. 7 of 2011 on Currency. This means that anyone using other forms of currency besides the rupiah can be punished with imprisonment of one-year maximum and a maximum fine of Rp200 million (US$13,300).
It is worth noting that the rupiah is the official currency in Indonesia, regulated by Law No. 4 of 2023 concerning the Development and Strengthening of the Financial Sector and by Bank Indonesia Regulation No. 17/3/PBI/2015, which requires the use of rupiah in the Indonesian territory.
People carrying out foreign exchange business activities without permission from Bank Indonesia can be imprisoned for a one-year minimum and a five-year maximum and a minimum fine of Rp50 million (US$3,300) and a maximum of Rp22 billion (US$1.4 million).
In addition, Head of BI Bali Representative Office Trisno Nugroho clarified that crypto is allowed as an asset and is banned as a payment instrument. This means that foreign tourists who attempt to use cryptocurrency as a means of payment in Bali will face legal repercussions.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Thana
Coincu News
Read More
Gemini Cuts Jobs, Exits Crypto Betting to Refocus Core Exchange