Another week, another big economy restricting cryptocurrency. This time Indonesia has barred financial services firms from offering bit-buck-related services to their customers.
In the tweet below, Wimboh Santoso, commissioner of Indonesia’s financial services authority the Otoritas Jasa Keuangan (OJK), states that the agency has prohibited financial service institutions from using, marketing, and/or facilitating crypto asset trading. In a later tweet, Santoso warned that his agency does not regulate crypto trading and that the value of crypto assets can fluctuate widely.
OJK Tegas Larang Lembaga Jasa Keuangan Fasilitasi Kripto.
Sobat OJK, OJK dengan tegas telah melarang lembaga jasa keuangan untuk menggunakan, memasarkan, dan/atau memfasilitasi perdagangan aset kripto.
Waspada terhadap dugaan penipuan skema ponzi investasi kripto ya Sobat. pic.twitter.com/BZmjoI2Ulr
— OJK Indonesia (@ojkindonesia) January 25, 2022
The regulator also warns of Ponzi schemes – investment scams that pay existing investors with funds collected from new investors – associated with cryptocurrency investment.
Indonesia is the world’s fourth most populous country, and its sixteenth-largest economy. The nation is also the president of the 2022 meetings of the G20 group of nations and has made small business participation in the digital economy one of its priority issues in that forum. It also has a majority Muslim population, and local religious authorities have advised that cryptocurrency…
