Indonesia has banned the use of cryptocurrencies

The largest country in South-Vostochnoi Asia — Indonesia is drafting a bill prohibiting the use of any cryptocurrency.

The head of Bank Indonesia agus Martowardojo (Agus Martowardojo) stated that the new legislation will prohibit the payment operators to lead any cooperation with «parties that provide operations with digital currencies.» He is confident that the decision will protect the sovereignty of the national currency — the rupee.

«We need to maintain a unified playing field for the formal financial institutions. We demand that all activists financial technologies that come into the financial system, has been recorded in Bank Indonesia and reported on its activities, and conducted testing in the «sandbox regulatory»», — said the head of the Central Bank.

Based on the data collected on financial technology and digital trade, the Bank will develop a balanced economic policy.

«Digital technology is a huge change and great uncertainty for the future economic model. As developers and regulators of monetary policy in the country, we must anticipate the events caused by these fundamental changes,» added agus Martowardojo.

Local Newspapers reported that the illegal will be deemed all transactions with the unrecognized government currencies, regardless of producing a legal or natural person.

At the end of October, Bank Indonesia has made a statement that does not consider bitcoin legal tender.

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