Bank Indonesia will ban cryptocurrencies for payments and other financial services, according to BeInCrypto.

  • Governor Perry Warjiyo said the country’s constitution and central bank laws do not acknowledge crypto as a payment tool, and financial institutions should comply.
  • Indonesia is working to regulate the crypto space and has recently closed three unlicensed crypto platforms. Binance was dubbed illegal in the country due to the lack of papers.
  • A total ban on cryptocurrencies is not expected as the government is reportedly looking into taxing the trading of digital tokens which it considers as a commodity and allowed to be traded.

Indonesia is developing its own central bank digital currency to boost digital payments. BTC/USD is down 2.74%; ETH/USD down 5.36%; and XRP/USD down 3.85%.