The Bank of Indonesia takes a firm position against cryptocurrencies as it encourages all parties to stay well away from cryptocurrencies.
In a statement made on Saturday, the central bank said:
“Owning virtual currencies is very risky and inherently speculative.The digital tokens are prone to forming asset bubbles and tend to be used as method for money laundering and terrorism funding, so it has the potential to affect financial-system stability and harm the public.”
This move highlighted the challenge that regulators were faced with as they look for a way to manage the risks from the international mania for cryptocurrencies. The central bank of South Korea banned their employees from trading last week, while China proposed a plan to discourage mining.