Balinese authorities said they would crack down on foreign tourists who pay for products and services using cryptocurrencies.
The Bali Provincial Government is threatening to impose strict penalties on tourists and businesspeople who use cryptocurrencies for payments. This comes after a local news publication found that tourists had been using cryptocurrencies to pay for various services. While digital assets are recognized as tradeable commodities in Indonesia, they cannot be used as a payment method. Bali Governor Wayan Koster has warned foreign tourists against using crypto assets for payments.
Bali Threatens To Sanction Tourists Who Pay In Crypto.
Foreign tourists who behave inappropriately, carry out activities that are not in accordance with visa permits, use crypto as a means of payment transactions, and violate other provisions will be dealt with strictly according to laws and regulations.
According to the Governor, anyone who breaks the law regarding foreign exchanges without proper authorization may face imprisonment for one to five years and a fine ranging from 50 million to 22 billion rupiahs. The oversight of the cryptocurrency industry in Indonesia is overseen by Bappebti, which stands for the Indonesia Commodity Futures Trading Regulatory Agency.
Bali Threatens To Sanction Tourists Who Pay In Crypto. Indonesia To Launch A National Crypto Exchange
Indonesia's national crypto exchange, the Nat'l Exchange, is set to launch in June. The exchange will serve as a mediator between buyers and sellers and will manage the flow of assets as a custodian.
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