The central bank said that crypto-currencies are unstable highly speculative assets
Indonesia decided to join the countries that declared the “war” Bitcoin and crypto-currencies in general. The Central Bank of Indonesia issued an official press release stating that digital currencies do not have a legal basis to be a means of making payments in the country.
The Office noted that, in accordance with the current legislation, only the Indonesian rupiah has a legal basis to be considered the only means of payment on the territory of the country. Like the financial regulators of all other states that said that bitcoin and the like should not be considered full-value currencies, the Indonesian Central Bank drew the attention of citizens to the high degree of risk in transactions involving digital currencies.
Employees of the bank said that the crypto-currencies are perceived by them exclusively as unstable highly speculative assets, the real value of which is not backed up. Not to mention the risks, due to the fact that there is no control by the regulator. Among the familiar arguments on the part of employees, a couple of phrases about “bubbles” were thrown and that tokens could be used to finance terrorism or money laundering.
As a result, it was announced the preparation of the necessary documents for the introduction of a ban on the use of cryptocurrency in the country in order to protect the national currency.
Also worth recalling is how a couple of months ago, in October 2017, the BitBayer and Tokyo Bitcoin crypt platforms were closed. It happened because of the refusal of the Central Bank of Indonesia to recognize bitcoin as the legal means of making payments.
This situation and others like this make investors nervous since the desire of financial regulators of countries to control the decentralized currency (which in itself is already illogical) does not lead to good.