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Central Bank of Indonesia banned crypto-currencies, exchanges in the country are being closed


Indonesian crypto-exchange platforms announced the termination of activities in connection with the announcement of the Bank of Indonesia that it does not recognize bitcoin as a means of payment. So Bitbayer, the Indonesian alternative to Bitpay, announced that it will stop providing services from November 1 and invited customers to withdraw funds by the end of October. Toko Bitcoin, which allows its customers to purchase prepaid vouchers for bitcoins, also ceased to accept crypto currency as a means of payment. Bitcoin Indonesia, Oscar Darmawan, the general director of the exchange, said that the termination of the platforms was not the result of direct intervention by the central bank of Indonesia.

Darmavan also discussed Bitcoin indonesia's decision to terminate the activities of exchange platforms. According to him, Bitcoin indonesia decided to submit to the regulator, because "our exchange is our main concern". Darmavan also stated that he regularly meets with the Financial Services Authority of Indonesia to ensure compliance with regulatory requirements.
In October, the head of one of the units of the Bank of Indonesia confirmed that the regulator does not recognize bitcoin as a currency - moreover, the use of bitcoin as a currency is prohibited by national payment legislation.
This confirms the position promulgated by the Bank of Indonesia in February 2014, which states that "bitcoin and other digital currency are not valid currency or payment instruments in Indonesia."
According to Cryptocompare, now the volume of operations of the Indonesian crypto-currency market is 0.18% of the global trading volume.

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