Bali’s regulator is cracking down on tourists paying for goods and services with cryptocurrencies, with the island’s governor sending a reminder that Indonesia’s fiat currency is the only legal currency.
On May 28, the government-owned Antara news agency reported that Bali Governor Wayan Koster held a press conference on the same day and said tourists “use cryptocurrency as a means of transport.” payments will be handled severely.”
“Strict measures include evictions, administrative sanctions, criminal penalties, business closures and other tough sanctions,” he added.
The meeting was attended by Chief Inspector of Bali Police and Trisno Nugroho, head of the Representative Office of Bank Indonesia in Bali – the country’s central bank.
Nugroho reaffirmed that cryptocurrency trading is allowed but the use of cryptocurrency for payment is prohibited.
Koster notes that Indonesia’s currency – the rupiah – is the only one that can legally be used for payments in the country. The use of other currencies carries a maximum sentence of one year in prison and a fine of 200 million rupiah ($13,000).