Indonesian authorities are investigating the use of bitcoin on the resort island of Bali after the central bank gave warnings on risks posed by virtual currencies.
Jakarta (VNA) - Indonesian authorities are investigating the use ofbitcoin on the resort island of Bali after the central bank gave warnings on risksposed by virtual currencies.
Causa Iman Karana, head of Bank Indonesia’s representative office in Bali, saidthe investigation started after the central bank issued a regulation banningthe use of cryptocurrencies in payment systems on December 7, 2017.
He added authorities found out from somepostings on social media that Bali appeared to have become a haven for bitcointransactions.
At the end of 2017, Police and central bankofficials went to Bali to investigate a series of businesses that advertisedonline that they offered bitcoin payment services.
According to the official, two cafes stillusing bitcoin as a means of payment. As many as 44 businesses including carrental outlets, hotels, travel companies and jewelry stores, previouslyoffering the service, had now stopped.
Indonesia will ban virtual currencies asmandated by the law, he said, adding all transactions in Indonesia must userupiah. - VNA
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Illustrative Image (Source: Internet)
