Business Environment

The State of Cryptocurrencies (Virtual Currencies) in Indonesia【Cryptocurrency payments are banned in Indonesia as a hindrance to stable monetary policy】



The shock of the news that the Chinese government is banning ICOs

Yesterday, the shocking news of China's ban on Initial Coin Offering (ICO) new virtual currency offerings (ICOs) was all over Twitter, Facebook and other social networking sites.

It is a financing activity where companies issue tokens (cryptocurrencies like bitcoin issued by the company) without going through the stock market to collect mainly ethereum (one of the altcoins, a virtual currency other than bitcoin, the other famous one being Ripple XRP) from investors, but it's a very trustworthy company issuing Even if it's a token that does, it's definitely a very high risk.

They collect as much as they can and don't develop any products and lose the use of the tokens, or they cause the disadvantage of a speculative bubble that cancels out the benefits of the inherent freedom to raise money, etc.
The Chinese Communist Party would even have you call it a "financial fraud and Ponzi scheme", which shows how strong the Chinese business spirit is.

How to use cryptocurrency (virtual currency) in Indonesia

In Indonesia, Bitcoin is not so much a payment method and attention, but more as a financial instrument to fix the profit with Bitcoin while exchanging with Altcoin.

I often see articles in Japan about "Indonesia's cryptocurrency market is hot", but I don't think the interest in bitcoin among the general public is that high, and as of September 2017, the major online malls such as Tokopedia and lazada, which are famous places, have been offering bitcoin payment in I couldn't find any shops that support it.

As for offline brick-and-mortar stores, DIRECTORY BITCOIN currently has only 24 shops registered under the category "cafes and restaurants".

Differences in Bitcoin sales price between exchanges

In my case, I have accounts in Japan's major exchange Coincheck and Indonesia's, but is more expensive when converted to yen.



Right now, the selling price of Coincheck is 1BTC=462,937 yen, and is 1BTC=Rp.57,929,000, so even if you convert at Yahoo Finance rate of 1 yen = 121.972928, there is more than 10,000 yen difference.

But there are few online and offline shops that accept Bitcoin payment in Indonesia, and even if there are, the price is relatively higher than in Japan. cafes and shops in the United States only.

If there is no benefit in settlement, what would it be as a financial transaction, considering the exchange fee, remittance expense, and foreign exchange risk, the spread (spread) How much of an advantage it will give you when selling BTC on an Indonesian exchange such as is a delicate matter.


As of September 2017, the Indonesian government has banned the use of bitcoin payments, and even shops and cafes in Indonesia that have announced that they accept bitcoin payments are converted from bitcoin to rupiah, and it is believed that rupiah transactions are recorded in their books.