Bali Governer Warns Tourists Against Usage of Crypto

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As per the report by the state-owned news organization Antara on May 28, Bali Governor Wayan Koster held a press briefing and advised tourists to not use crypto as a mode of payments. 

Bali Governor Says no to Crypto

The Bali Governor said: 

“Strict actions range from deportation, administrative sanctions, criminal penalties, closure of business premises and other tough sanctions.”

Only Indonesian Rupiah Allowed for Transactions

According to Koster, only the Indonesian rupiah, which is the national currency of Indonesia, may be used to make purchases there. The maximum penalty for using other currencies is one year in jail and a fine of 200 million rupiah ($13,000).

Both Trisno Nugroho, head of the Bali Representative Office for Bank Indonesia, the nation’s central bank, and the highest-ranking police inspector of Bali were present at the meeting.

The use of cryptocurrency for payments is prohibited, although Nugroho maintained that trading in it is permitted. 

Rise of Crypto Payments in Bali

The declaration by the governor of Bali was made a few days after an investigation published in Kompas, widely regarded as the nation’s official newspaper, on May 26. 

A meditation retreat, a motorcycle rental company, and a cafe with a bitcoin theme are just a few of the companies based in Bali, Kompas apparently discovered that accepted payments made with cryptocurrency.

There are 36 shops in Bali that take cryptocurrency, most of which are located in Ubud, a popular attraction for tourists, in accordance with data from Coinmap, a community-driven initiative that tries to pinpoint crypto-accepting businesses.

Indonesia to Debut Crypto Exchange in 2023

It is noteworthy that the country was going to start its own cryptocurrency exchange by the end of 2021. Due to several obstacles, such as the Otoritas Jasa Keuangan (OJK), the country’s financial market authority, prohibiting cryptocurrency trading operations for all banking and financial services companies operating there, Indonesia didn’t start until the end of 2022.

However, Indonesia’s national cryptocurrency exchange is now anticipated to debut in June 2023. It was said that Indonesia’s Ministry of Trade intends to open a national cryptocurrency exchange six months after its initial goal of December 2022.

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