According to a report by Indonesia's national news agency "Antara News", the Bali government is tightening its crackdown on "foreign tourists who use cryptocurrencies as a means of payment" and emphasized that such behavior has violated Indonesia's "Currency Law" and can be punished with the heaviest fines. 200 million IDR (USD 13,300) and 1 year in prison.
In response to the recent increase in tourists using cryptocurrency to pay in hotels, restaurants, tourist resorts and shopping malls, Bali Governor Wayan Koster said that the local government will deal with it strictly and warned tourists not to break the law.
He reminded that under current regulations, the use of any currency other than Indonesian rupiah as a means of payment is strictly prohibited, and violators can be punished with up to one year in prison and a fine of up to 200 million rupiah ($13,300).
Wayan Koster added that the authorities will begin random inspections in the near future. Once tourists or merchants are found to use cryptocurrency for payment, violators will face severe penalties such as deportation, administrative penalties, criminal prosecution, or closure of business premises.
In addition, criminal parties who conduct foreign exchange business without permission from the Bank of Indonesia may be sentenced to a minimum of 1 year and a maximum of 5 years in prison, plus a minimum of 50 million Indonesian rupiah (US$3,300) and a maximum of 22 billion rupiah (US$1.4 million). ) fine.
At the same time, Trisno Nugroho, chief representative of the Bank of Indonesia in Bali, pointed out that although the Indonesian government recognizes cryptocurrencies as financial assets, it still prohibits people from using cryptocurrencies as payment tools.
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