Crypto Payments Ban In Bali Stirs Tourist Discontent• May 30, 2023 11:20 am • Comments
Although crypto is making huge strides in many regions of the world, it seems that there is still a lot of resistance to the industry.
Just recently, the government of Bali continued to remind tourists that crypto is banned and that they had to use the Indonesian rupiah.
Furthermore, the government mentioned that the illegal use of crypto for payments could subject them to punishments such as deportations and criminal penalties.
As a result of this, many tourists will likely be dissuaded from visiting the region and it would prevent a lot of foreign crypto capital from entering the region.
This is obvious as there will be no businesses that will be able to accept crypto as they would also be punished.
Breaking news from Bali! The recent decision to ban crypto payments in the popular tourist destination has sparked a strong backlash from the crypto community.
Crypto enthusiasts argue that such a move stifles innovation and limits financial freedom. By banning crypto payments,… pic.twitter.com/Mv9EnTBVr5
— nuco.cloud (@nucocloud) May 29, 2023
The crypto community shared various responses, with some saying that the ban “makes sense” and some threatening not to visit the tourist hotspot again.
On Reddit, a community member shared their belief that the form of payment used “should be up to businesses and customers.“ The Redditor said if both parties are willing to accept the risks of using crypto as payment, they should be permitted to proceed with their transactions.
On the other hand, another Redditor believes that the ban “makes sense” for Indonesia.
According to the community member, the country uses tourist money to “prop up their currency.” This allows the currency to hold its value. Despite this, the Redditor expressed that they disagreed with the ban.
One of the major reasons why the crypto community believe that crypto is still banned in the country is due to the fact that it allows people to evade taxes.
Since Indonesia does not have a system where they can effectively tax crypto yet, the use of crypto would likely lead to a decrease in funds for the government.
It is unclear if there are any future plans to lift the ban on crypto in Bali, but it is clear that many now understand that it is now a crypto haven.
Instead, investors need to do research to understand which regions in the world are pro-crypto and plan accordingly if they plan to spend their crypto in these regions.
Perhaps the rules will change over time as adoption continues to increase.
Tourists are unhappy with crypto payments ban in Bali
The community expressed a range of opinions, with some individuals stating that the ban is reasonable, while others went as far as reconsidering their vacation plans. pic.twitter.com/vUDzPm05kB
— TRIPTI CHAUHAN 🐦(TC) (@crypto_tripti) May 29, 2023
There was also a warning to foreign exchange businesses. Those operating without permission from the county’s central bank could be punished with prison sentences and a maximum fine of $1.4 million.
“Violations will be subject to administrative sanctions in the form of written reprimands, obligations to pay fines, and prohibitions from payment transactions,” he said.
The head of Bank Indonesia, Director Trisno Nugroho, said that crypto was allowed in the country but not as a payment method.
Thailand, another popular tourist destination in Asia, has also banned crypto payments though trading is possible in the kingdom.
Bali, the picturesque island destination in Indonesia, has recently implemented a strict ban on cryptocurrency payments for goods and services.
Discover more on our website through the link in our bio.#news #blog #explore #Viral #Trending #CryptocurrencyNews #bitcoin #crypto pic.twitter.com/soiKr44lfR
— Cup O' Block (@cupoblock) May 30, 2023
Join the conversation!
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.