Bitcoin News and Finance
Bali Government Cracks Down on Crypto Payments by Foreign Tourists Skip to main content

Bali Government Cracks Down on Crypto Payments by Foreign Tourists

Bali Government Cracks Down on Crypto Payments by Foreign Tourists

The government of Bali, Indonesia, is cracking down on the use of cryptocurrency as a means of payment by foreign tourists. “Strict actions range from deportation, administrative sanctions, criminal penalties, closure of business premises, and other tough sanctions,” said the governor of Bali.

Strict Penalties Imposed for Foreign Tourists Using Crypto in Bali, Warns Governor

The Bali provincial government is cracking down on the use of cryptocurrency as a means of payment by foreign tourists in hotels, restaurants, shopping centers, and various other establishments, according to a report from the Antara Indonesian News Agency.

Bali Governor Wayan Koster said at the Bali tourism development press conference Sunday:

Foreign tourists who behave inappropriately, do activities that are not allowed in their visa permit, use crypto as a means of payment, and violate other provisions will be dealt with firmly.

“Strict actions range from deportation, administrative sanctions, criminal penalties, closure of business premises, and other tough sanctions,” the governor detailed.

Koster clarified that the ban on using cryptocurrencies or any currencies other than the Indonesian rupiah as a payment method is in accordance with Law No. 7 of 2011 on Currency. Under this law, individuals who use currencies other than the rupiah may face penalties of up to one year of imprisonment and a maximum fine of Rp200 million (US$13,300).

The governor further explained that individuals engaged in foreign exchange business activities without proper authorization from Bank Indonesia, the country’s central bank, may face penalties ranging from a minimum of one year to a maximum of five years of imprisonment. Additionally, they may be subject to a minimum fine of Rp50 million (US$3,300) and a maximum fine of Rp22 billion (US$1.4 million).

In addition, Bank Indonesia Regulation No. 17/3/PBI/2015 establishes the requirement for the use of the Indonesian rupiah within the Indonesian territory. Koster stressed:

Violations will be subject to administrative sanctions in the form of written reprimands, obligations to pay fines, and prohibitions from payment transactions.

While crypto’s use as a payment instrument is prohibited, Trisno Nugroho, head of Bank Indonesia’s Bali province representative office, clarified that crypto as an asset is allowed.

What do you think about the Bali provincial government cracking down on payments using cryptocurrencies by foreign tourists? Let us know in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory