Bali Governor Vows to Take Strong Action Against Tourists Using Cryptocurrency

Join Our Telegram channel to stay up to date on breaking news coverage

Bali’s provincial government plans to take strict action against foreign tourists who use cryptocurrency for payment.

Bali Crackdown on Foreign Tourists Using Cryptocurrency

Bali Governor Wayan Koster stated that tourists who engage in inappropriate behavior, violate their visa permit restrictions, use cryptocurrency as payment, or break any other regulations will face substantial consequences.

The meeting involved the presence of Bali Police Chief Inspector General Putu Jayan Danu Putra and other participants. According to Mr. Koster, strict measures would be taken, including deportation, administrative penalties, criminal consequences, the closure of businesses, and other severe sanctions.

“Foreign tourists who engage in inappropriate behavior, perform activities not permitted by their visa, use cryptocurrency for transactions, or violate other regulations will face strict consequences.“

Mr. Koster also mentioned that those who engage in illegal foreign exchange activities will face a sentence. The sentence might range from a minimum of one year to a maximum of five years in prison. This will also come with a minimum fine of 50 million rupiah ($3,300) and a maximum penalty of 22 billion rupiah ($1.4 million).

“Using currencies other than the Indonesian rupiah for payment is prohibited. According to Indonesian law, individuals who use currencies other than the rupiah may face imprisonment for up to one year and a maximum fine of 200 million Rupiah (US$13,300).”

The authorities will impose administrative sanctions for violations, including issuing written reprimands, requiring payment of fines, and prohibiting payment transactions. Trisno Nugroho, the head of Bank Indonesia’s Bali Representative Office, made an emphasis on cryptocurrencies being allowed as assets in Indonesia.

China May Be Lifting Ban on Crypto

Even with strict regulations by the regulatory authorities, China’s ban on cryptocurrencies continues. However, crypto enthusiasts within the country have found ways to circumvent the restrictions, leading to underground crypto markets.

However, recent indications indicate China’s attitude towards cryptocurrencies might be shifting. One noteworthy indicator is a recent broadcast about crypto on CCTV that generated excitement in Chinese-speaking communities.

This development is noteworthy because one of the most significant disruptions to the crypto market occurred in 2021, when China implemented its most extensive crackdown on digital assets.

The global crypto community closely watches China’s potential shift in stance towards cryptocurrencies, although the specific details of this shift are unclear.

JUST IN: ?? China’s Central Television network just broadcasted the news that Hong Kong is allowing retail investors to buy #bitcoin

China is quietly allowing it again… ? pic.twitter.com/M2qy6ig7x0

— Bitcoin Magazine (@BitcoinMagazine) May 24, 2023

The outcome of these developments remains uncertain. It is important to note that even if China eases its restrictions, it will likely maintain tight control over the sector to protect consumers, mitigate financial risks, and retain control over its digital currency initiatives.

If China were to lift its ban on cryptocurrencies, it would significantly impact the global crypto market. Given its position as one of the largest economies, China’s acceptance of cryptocurrencies could stimulate global demand, raise prices, and encourage wider acceptance of digital currencies.

Moreover, it could open the doors for the resurgence of crypto mining in the country. Binance’s CEO has stressed the importance of China lifting the crypto ban.