Bitcoin Not Legitimate Payment Instrument: Bank Indonesia

• Oct 26, 2017

TEMPO.CO, Jakarta – Bank Indonesia (BI) has said that bitcoin is not a legitimate payment instrument. BI Executive Director for Payment System Policy Department Eny V. Panggaben said that the central bank has banned the use of bitcoin as a payment instrument.

“Bitcoin is clearly banned. But in individual transactions, it is allowed, but it’s at your own risk,” Bank Indonesia Director Eny said on October 26.

Nevertheless, Eny said that blockchain technology should be developed further.

A blockchain is a decentralized public ledger of transactions that are recorded in files called blocks.

Earlier, Bank Indonesia Deputy Governor Ronald Waas has called for caution over growing use of bitcoin.

Source: https://en.tempo.co/read/news/2017/10/26/056912669/Bitcoin-Not-Legitimate-Payment-Instrument-Bank-Indonesia