Bali’s government is reportedly warning tourists that they will suffer harsh penalties for any payments made using cryptocurrencies.
According to a new report from Channel News Asia, Bali’s governor Wayan Koster is sending a firm message to foreign tourists that crypto is an illegal form of payment, including at hotels, restaurants, and small businesses.
Koster’s remarks came during a Sunday press conference related to tourism, according to the report.
Says Koster,
“Foreign tourists who behave inappropriately, do activities that are not allowed in their visa permit, use crypto as a means of payment and violate other provisions will be dealt with firmly.”
Joining Foster were other government officials, including Bali’s Police Chief Inspector General Putu Jayan Danu Putra.
Koster outlines some of the penalties crypto payment offenders could face.
“Strict actions range from deportation, administrative sanctions, criminal penalties, closure of business premises and other tough sanctions.”
Koster also issued a warning that in Indonesia it is prohibited to use any currencies other than the rupiah. Fines for doing so include imprisonment of up to one year and a maximum fine of 200 million rupiahs or about $13,300.
Says Koster,
“People who carry out foreign exchange business activities without permission from Bank Indonesia can be punished with imprisonment for one-year minimum and five-year maximum, and a minimum fine of 50 million rupiahs and a maximum (fine) of 22 billion rupiahs. Violations will be subject to administrative sanctions in the form of written reprimands, obligations to pay fines, and prohibitions from payment transactions.”
While crypto is banned as a method of payment in Indonesia, the country does allow people to hold crypto as an asset, according to Channel News Asia.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/Alexxxey
Credit: Source link
