Bali Bans Cryptocurrency Payments, Tourist Backlash Ensues
Cryptocurrency usage is currently experiencing widespread adoption, with numerous governments worldwide embracing digital assets.
However, a few governments still hesitate to incorporate cryptocurrencies into their existing financial systems. One recent example of this is the tourist destination Bali.
Over the weekend, the Bali government expressed its negative stance towards cryptocurrencies. Wayan Koster, the governor of Bali, held a press conference in which he announced that strict scrutiny would be applied to tourists who choose to make payments using crypto assets.
Koster stated that foreign tourists who violate visa permits, engage in inappropriate behavior, use cryptocurrency as a means of payment, or breach other regulations will face severe consequences, including deportation, administrative sanctions, criminal penalties, closure of businesses, and other tough measures.
The government intends to closely monitor and regulate such transactions within the region.
Consequently, tourists visiting Bali will not be allowed to use Bitcoin or any other cryptocurrencies for payments at hotels, restaurants, tourist attractions, shopping centers, or other regional establishments. The only recognized legal tender in Bali is the Indonesian rupiah, and it is the sole currency accepted within the region.
The utilization of currencies other than the Indonesian rupiah may result in severe repercussions imposed by the government, according to information from a government-owned news portal.
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These penalties can include imprisonment for up to one year and a significant fine of approximately $13,300. Koster further emphasized that conducting foreign exchange business activities without permission from Bank Indonesia can lead to a minimum imprisonment of one year and a maximum of five years, along with a fine ranging from Rp50 million ($3,300) to Rp22 billion ($1.4 million).
The decision of the Bali government to prohibit cryptocurrency payments has garnered criticism from various individuals, with some expressing their dissatisfaction by stating their reluctance to visit Bali due to this policy.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
