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Bank of Indonesia introduces a ban on the use of cryptocurrencies

The head of the Bank of Indonesia, Perry Varjiyo, announced the introduction of a ban on the use of cryptocurrency as a means of payment or other instruments of financial services, RBC Crypto reports with reference to Tempo. According to the head of the regulator, the ban is in line with current legislation, according to which digital assets do not belong to legal means of payment.

 

“Cryptocurrency is not a legal payment instrument under the Constitution, Indonesian Banking Law and Currency Law,” Varjiyo said.

 

To ensure compliance with the new ban, Bank Indonesia will strengthen the work of supervisors, he added.

Bitcoin became the legal tender in El Salvador last week. The relevant bill was adopted by the country’s parliament, and then signed by the head of state. Renowned economist Steve Hanke predicted that the adoption of bitcoin in El Salvador could lead to the collapse of the country’s economy.

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