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Bali Warns Tourists Against Crypto For Payments

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According to the local media channel, the governor of Bali, Wayan Koster, warns against the use of crypto assets for payments.

The governor mentioned that anyone caught making payments for accommodations, shopping, activities, or restaurants with crypto will be dealt with stiffly.

The governor laid the warning to crypto enthusiasts in Bali, who are tourists in Indonesia’s most famous tourist areas.

In his speech, Governor Koster further said that foreign tourists could face strict penalties for improper actions.

He cited that offenders are those that undertake activities that aren’t permitted on their visa or make payments with crypto assets.

Also, those that violate other provisions in the state laws are subject to punishment, according to the governor.

Further, the government reiterated that the state will not tolerate non-compliance to the rules by any tourist.

He highlighted that failure to comply with the state rules could lead to the deportation, sanction, and penalizing of the guilty persons.

Also, some actions could even cause the government to forcibly shut down some businesses.

Moreover, making use of other currencies as a medium of payment is banned in Indonesia.

The only recognized legal tender in Indonesia is the Indonesian rupiah.

What Trigger Bali Government’s Warnings

A report from another media revealed that Seminyak has witnessed increasing use of cryptocurrency payment for certain goods and services.

This region is a major hotspot for tourists in the state.

Further, Governor Koster has maintained a tougher disposition towards tourists.

In early May, Koster made a move that will help in controlling movement into the state as he proposed a “quota system”.

Also, the governor’s proposal came as a result of problems regarding foreigners’ behavior.

Bali is a resort island that has been trying to establish the right outlook toward letting foreigners into its land following the COVID-19 pandemic.

Also, the state is working on managing the increasing number of new visitors on its shores.

In 2020, the Indonesian authorities closed off its borders, keeping them sealed for almost 2 years.

It just reopened to foreigners in February 2022. The period of border closure brought about over 75% drop in Indonesia’s foreign tourism from pre-pandemic value.

The overall impact was mainly negative on many tourism businesses.

Subsequently, some businesses are favoring the use of digital assets like NFTs to draw the attention of foreign investors.

They depended on the backing of Jakarta, the country’s capital.

Indonesia accepted cryptocurrencies as commodities in 2018 and sanction crypto trades through centralized exchanges.

The country also permits individual investors to hold the digital asset legally.

However, as per the 2019 and 2020 regulatory provisions, the country allows just 229 such assets to be traded by companies with licenses approved by Bappetbi the country’s regulator for futures trading.

Onu Peace
Onu Peacehttp://www.glodikanyblog.com
Onu Peace is an experienced journalist in the field of financial news, providing latest updates and valuable contents for readers. You can connect with Peace on social media sites like Facebook and even on email: glodikany@gmail.com

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