BI: Number of Bitcoin Users in Indonesia Slumped, Remaining 300 Thousand
By: Addi M Idhom - April 5, 2018 Normal reading 1 minute
Bank Indonesia is optimistic that the number of Bitcoin users in Indonesia will continue to decrease. The Central Bank also noted that the value of the virtual currency has continued to decline.
Bank Indonesia (BI) claims the number of Bitcoin users in Indonesia continues to fall sharply. BI Director of the Payment System Policy and Oversight (DKSP) Ida Nuryanti noted that the number of users of virtual currencies has decreased from one million to 300 thousand.
"Since the ban from BI was issued, the number of (Bitcoin users) dropped dramatically," said Ida Nuryanti in Semarang, Central Java, on Thursday (04/04/2018) as quoted by Antara.
Ida stated this after a discussion on the theme "Skimming Payment Instruments Using Cards (APMK) and Virtual Currency" in the BI Central Java Representative Office, in Semarang.
He is optimistic that the number of active Bitcoin users in Indonesia will continue to decrease along with the decline in the value of the virtual currency.
"The price of Bitcoin dropped dramatically from the position of Rp251 million / one Bitcoin, in these weeks only around Rp120 million / one Bitcoin. We don't think it will be able to rise again," said Ida.
He also explained that BI's decision to ban Bitcoin as a payment instrument in Indonesia was based on observations on the low quality of transparency in virtual currency transactions.
"We see what the transaction looks like. As stated, the transaction is not transparent, there is no recipient's name so it cannot be tracked, and there is no aspect of consumer protection," Ida said.
He admitted that BI had not found a case of transactions using Bitcoin that harmed consumers in Indonesia. But, Ida assesses, if there are fraudulent transactions in the use of Bitcoin, there is no clarity about the procedure for consumers to ask for accountability to whom.
"We do coordination and prevention. We forbid, that Bitcoin is not a means of payment and expressly prohibits all payment system operators to process transactions with virtual currency," he said.
Head of the BI Communication Department Agusman added that BI had issued an appeal to the public about the risks of using virtual currencies, including Bitcoin, in 2014. BI then reiterated this by prohibiting its use as a payment instrument, in 2018.
"We see in some ways, [Bitcoin] is conceptually not underline, can create a bubble, no one is watching, and so on. We want the public to know the risk is great," he said.
According to Agusman, socialization to the public regarding the development of the digital economy, both its progress and risks, still needs to be improved.
"BI wants the digital economy to move forward. Including, [handling] the risks," he said.
BI banned the use of virtual currencies, including Bitcoin, as a means of payment in Indonesia in early January 2018. At that time, BI also warned all parties not to sell, buy or trade virtual currencies.
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