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Bitcoin still unregulated in Indonesia

Senior information security of Consultant XecureIT Gildas Deograt Lumy (center) speaks as CEO Bitcoin Indonesia Oscar Darmawan (second left) and Financial Service Authority's (OJK) senior official for bank supervision, Pardiyono (right) look on during the ANZ Learning Fair on May 17.(JP/Sepsha Restian)

Despite the growing acceptance of peer-to-peer payment technology bitcoin in Japan, the EU and the US, the use of bitcoin in Indonesia has yet to be regulated by Bank Indonesia ( BI ) and it is not recognized as a currency.

CEO Bitcoin Indonesia Oscar Darmawan said he could understand the central bank’s reluctance to regulate the electronic money.

“BI has provided room for bitcoin as a new technology to thrive before it decides to regulate it later,” he said on the sidelines of the ANZ Learning Fair 2016 in Jakarta on Tuesday.

Meanwhile, Financial Services Authority ( OJK ) senior official for bank supervision Pardiyono cautioned would-be bitcoin users, underlining the need to understand fully the risks of the electronic money.

Pardiyono said bitcoin, currently valued at Rp 6.1 million ( US$458 ), might be too difficult for lay consumers to understand.

“Consumers must take full responsibility for the use of bitcoin. No legal protection is in place right now,” he said.

The ANZ Learning Fair 2016, being held from May 16-20, is designed to increase staff understanding of digital issues.

The fair is presenting a number of speakers including Teguh Ariwibowo, founder of crowd-lending firm pinjam.co.id; Mandy Marahimin, founder and CEO of crowd-funding firm Wujudkan; and Christian Sugiono, founder and CEO of MBDC Media. ( sha/dmr )

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