The total ban on holding, trading or exchanging any form of crypto is expected to take place some time in 2018. According to a local publication Pikiran Rakyat the central bank made this decision during their annual meeting last week, claiming the regulation was required to maintain the sovereignty of the rupiah (Indonesia’s fiat currency) as the country’s legal tender.
We urge you to invest in logic, not Bitcoin… People, if you want to invest, do not invest in virtual money, but invest in the legal [assets] that can improve the economy of Indonesia. source
The first step towards this was implemented a few months ago with a ban on businesses using Bitcoin as a method of payment. Numerous websites were immediately removed or adjusted to comply with this law. Some of which I used myself to buy food and phone credit.
Only 36% of Indonesians have bank accounts (source) and naturally this has given rise the popularity of cryptocurrency here.
Indonesia & Aceh (a small northern region of Indonesia) have never left the list of top trending tags here on Steemit. The only other tags which refer to a part of the world in the current list are Spanish & Deutsch.
Clearly the concept of cryptocurrecy and Steemit itself are taking this country by storm. And this represents a big problem for the banks.
I have been living in Bali for two years now and in August I gave a talk designed to encourage people here to start using Steemit.
Since then I have helped numerous Indonesians onto this platform and witnessed with my own eyes how much it has changed their lives.
So it is difficult for me to see this happening just as I prepare to leave this country I have grown to love so much.
Illegal to use Steemit
With a total ban on the holding of any cryptocurrency it would effectively render the use of this site illegal. This will most likely lead to a block on the website in Indonesia, adding it to a growing list of blocked sites such as Reddit & Vimeo.
Anonymity & VPNs
Whilst cryptocurrencies may become illegal here, by virtue of their design, it will be hard for the Indonesian government to police their upcoming law.
Identities need never be revealed and a basic knowledge of how to use a VPN will bypass any website blocks.
Calling all INDONESIANS!
For the sake of any Indonesians reading this wondering what I am talking about, a VPN will change the appearance of your location, gaining you access to any blocked sites. Just google 'free vpn download' followed by the device you are using. And follow the instructions.
Please know that this cryptocurrency revolution is unstoppable and whilst you may have to start a few anonymous accounts now and change your code of practice, there is NOTHING your government can do to stop you being a part of this decentralised revolution.
Will the ban decrease the value of cryptocurrencies?
Unlikely. If anything it will increase the value. Making something illegal doesn't stop people using it.
Take marijuana for example. Here in Indonesia the climate is perfect for the cultivation of this plant and by making it illegal all they really did was increase its value, encouraging people to start growing it!
It will be interesting to see how Indonesia plans to implement its new law.
I will keep you informed...
Title image source
Who is @samstonehill?
Currently based in Bali he travels with his partner & two children. With no bank account he has been living on STEEM & crypto for over six months.
All content created for this account is 100% original (unless otherwise stated), produced by @samstonehill who invites you to use & share freely as you wish.
@samstonehill is the creator of:
@steemholidays which encourages resort owners to offer holiday packages in Steem or SBD
@steemtv which aims to provide the best in decentralised films, exclusive to Steemit & DTube
The dailyquotes tag initiative designed to encourage steemians to share their most life changing quotes with the community on a daily basis.
The Aspiring Steemit Whales & Dolphins group on Facebook which seeks to help newcomers make the transition from Facebook to Steemit, providing them with detailed notes and personal assistance with their posts... resteeming them when he can.
I receive the equivalent of $3 a day using Genesis Mining
This was after investing around $500 (from STEEM payouts) into 2 year contracts, mining Dash, Ether & Litecoin
Use my referral code to get a 3% discount: wzrAS4
Some say it is a scam but I have found no reason to believe this.
@teamsteem @timcliff @jesta @good-karma @someguy123 @blocktrades @pfunk @klye @krnel @blueorgy @ausbitbank @thecryptodrive @ura-soul @pharesim
Without them our beloved Steemship would not fly.
The Bali Volcano Crisis
If you have a moment please check out the @charitysteemit account where you will find up-to-date films, photos and information on the erupting volcano & evacuee status.
Mount Agung erupted a 2nd time with force on the 25th November, sending an ash cloud 1,500m into the sky and we will be watching it closely over the next few weeks.
This is what it currently looks like.
Those of us in Bali are working hard to raise money to buy the evacuees solar power & water filters LEARN MORE HERE and we deeply appreciate any help we can get.
Thank you for your support 🙏🏻