The payment platforms Bitcoin indonesia Toko Bitcoin and Bitbayer have ceased their operations in response to the recent announcements according to which the Bank of Indonesia will not recognize the Bitcoin as a payment method. Although the position of the central bank of indonesia make the business model of crypto-currencies is not viable, the transactions of Bitcoins in Indonesia continue to operate freely.
The Bank of Indonesia is defended from any interference
The recent statements of the Bank of Indonesia have prompted some companies in indonesia to restructure their operations. From these statements, Bitbayer, an alternative indonesian Bitpay, has announced that it will terminate its services and is encouraging its clients to withdraw their funds before the end of the month. Toko Bitcoin, a company that allowed once customers to buy coupons of telephone and electricity prepaid using the Bitcoin has stopped accepting the Bitcoin as a means of payment. Oscar Darmawan, CEO of PT Bitcoin Indonesia, told the media that the closures were not a result of a direct intervention of the central bank of indonesia. Darmawan said that ” the Bank of Indonesia has not requested directly to Bitcoin Indonesia to close these two sites.” PT Bitcoin Indonesia had already entered into a partnership with Kinnerjaday Corp to accept the Bitcoin in the transactions executed through the platform.
Bank Indonesia stands on his positions
Last month, the director of systems policy, payment of the Bank of Indonesia, Eny V Panggabean, reiterated that the central bank would not recognize the Bitcoin as a currency. Speaking at a seminar on banking, Paggabean said that the use of Bitcoin as a currency is prohibited by the national legislation on the providers of services. The recent comments from the central bank reiterate the statement released by Bank Indonesia in February 2014, which states that ” Bitcoins and other crypto-currencies are not currency or payment instruments valid in Indonesia. “
According to Cryptocompare, the transactions between Bitcoins and the indonesian Rupiah are the tenth largest national market for Bitcoin on a volume of 24 hours. Currently, the volume of indonesia represents 0,18 % of the total volume of transactions.
Source : News.Bitcoin