In a virtual seminar, Governor Warjiyo announced the ban on the use of cryptocurrencies as a payment method.
- Cryptocurrency assets are not acceptable as tools of payment by the Central Bank and Indonesia constitution.
- All financial institutions are required to comply with the policy and the central bank is organizing teams to monitor compliance. The Cryptocurrency market creates an avenue for the development of illegal financial platforms.
- Binance is also illegal in Indonesia as they do not have an operating license. The regulatory changes hurt the future of the cryptocurrency market in Indonesia.
Numerous governments are imposing stricter regulations banning the use of cryptocurrency as a means of payment, though most nations are not banning the ownership of cryptocurrency assets.