Indonesia’s central bank governor Perry Warjiyo has blocked use of cryptocurrencies as a payment tool in a bid to control the crypto market in the country.
BTCUSD is down 2.74%
Mr. Warjiyo made it clear that the assets are not accepted as a means of payment neither by the constitution or central bank laws.
The governor called on banks to comply with the policy accordingly. Teams from the central bank would be mobilized to ensure the financial institutions implement the ban.
Indonesia feels that the crypto market has led to flourishing of illegal platforms and has put a stop to 26 peer-to-peer lending platforms three of which were cryptos.
Plans are underway for Indonesia to establish its own CBDC in an effort to accelerate digital payments.