Indonesia Bars Financial Institutions from Offering Crypto Services

[upnorth]

Content source

https://www.theregister.com/2022/01/27/indonesia_cryptocurrency_trading_ban/

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.

The regulator also warns of Ponzi schemes – investment scams that pay existing investors with funds collected from new investors – associated with cryptocurrency investment.

it also follows Russia's proposed ban on cryptocurrency on grounds including its riskiness as a retail investment. China has also opposed cryptocurrency for the same reason, and plenty of financial regulators around the world have warned of their unhelpful volatility. That volatility has been on full display in recent weeks. The value of Bitcoin has fallen 28 per cent, Ethereum fell 40 per cent and Litecoin dropped by 31.5 per cent.

Indonesia bans some crypto trading and sales

Advises citizens to avoid 'Ponzi schemes'

www.theregister.com