Cryptocurrency are not banned in Bali, but paying for products and services with them is prohibited
Bali authorities will fight against foreign tourists. Who pay with cryptocurrency in hotels, restaurants, tourist centers, stores and other places, the Indonesian edition of Antara reported. Cryptocurrencies are not banned in the country, but they cannot be used as a means of payment from 2021.
“Foreign tourists who behave inappropriately. And violate visa restrictions and other regulations and use cryptocurrency as a means of payment, will be severely punished.” This was announced by Bali Governor Wayan Koster at a press conference on tourism development in Bali.
Koster recalled that in Indonesia it is illegal to use currencies other than the local rupiah as a means of payment. Violation of the law is punishable by imprisonment of 1 to 5 years. And also a fine from 50 million rupees ($3.3 thousand) to 22 billion rupees ($1.4 million).
Tourists can be deported, and violators also face administrative and criminal penalties. As well as the closure of commercial premises, bans on payment transactions and other harsh sanctions, Koster said.
Our experts note that cryptocurrency trading is allowed in Indonesia. In January, the country’s government announced plans to launch a national cryptocurrency exchange by the end of 2023.