Bank Indonesia says Bitcoin isn’t a legal currency, but people are free to trade at their own risk

Bank Indonesia says Bitcoin isn’t a legal currency, but people are free to trade at their own risk ...

BitcoinYet another government has frowned upon Bitcoin, but acknowledged that people are free to trade in it, along with other digital currencies, at their own risk.

Bank Indonesia has just issued a statement clarifying that it doesn’t recognize Bitcoin as a legal currency in the Southeast Asian country, DailySocial notes. The central bank did not mention anything about regulation, which could be interpreted in a positive way for those trading in it. However, it warned of the risks of Bitcoin and urged people to be “careful” when dealing with the crypto-currency.

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Today’s statement follows Bank Indonesia’s initial decision last month that ruled Bitcoin as an illegal and unsupported method of exchange, violating at least three of the country’s laws, DailySocial reports.

It appears that Indonesia is now allowing Bitcoin to continue existing in the country among its online population and simply warning of the risks — though the lack of regulation means that if you come upon issues such as fraud, you won’t be able to receive any legal backing.

Bank Indonesia Issues Second Statement on Bitcoin and Virtual Currencies [DailySocial]

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