“Tourists Beware: Bali Bans Cryptocurrency Payments – Know the Implications and Risks”

2023-05-29 11:19:22

More and more places are accepting cryptocurrency payments. Many governments around the world have already embraced bitcoin. However, there are countries that are still not ready to adapt to digital tools. Among them is the popular holiday destination Bali, which has decided to crack down on tourists who want to pay with cryptocurrency.

Over the weekend, the government of Bali made it clear that it has a negative attitude towards cryptocurrencies. Wayan Koster, Governor of Bali, held a press conference. He announced that tourists who choose to pay for goods and services with cryptocurrencies will be subject to strict controls. The government intends to closely monitor and regulate such transactions in the region. He further added:

“Foreign tourists who misbehave, engage in activities that are not permitted by their visa, use cryptocurrency as a means of payment, and violate other regulations will be dealt with strictly. The strict measures range from deportation, to administrative sanctions, to criminal sanctions, to the closing of business premises.”

As a result of the government’s stance on cryptocurrencies, tourists will not be able to use bitcoin and other cryptocurrencies to pay at hotels, restaurants, tourist attractions, shopping malls and other establishments in the area. In addition, the province of Bali officially recognizes only the Indonesian rupiah as legal tender.

What are the implications of using cryptos in Bali?

It is owned by a government news portal information states that persons using a currency other than the Indonesian rupiah may face serious consequences. Shockingly, vacationers who break the rules can face up to a year in jail and a hefty fine of around $13,300.

“Persons who engage in foreign exchange trading without the permission of the Bank of Indonesia shall be imprisoned for a minimum of one year and a maximum of five years, as well as a minimum of Rp 50 million Rp 50 million [3300 USD]a maximum of Rp 22 billion Rp 22 billion [1,4 millió USD] can be punished with a fine”.

Bali’s decision to ban cryptocurrency payments has drawn criticism from many individuals. As a result, some expressed their dissatisfaction and declared that they would not set foot in Bali again.

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