Bali’s Governor Wayan Koster has warned tourists against using cryptocurrency as a form of payment in the popular tourist destination.
Koster said that those who use cryptocurrency to pay for goods and services in Bali will face “stiff consequences.”
Koster’s warning comes amid reports that the use of cryptocurrency in Bali is on the rise. In Seminyak, a major tourist hotspot, some businesses are now accepting cryptocurrency as payment.
However, the use of cryptocurrency is not legal in Indonesia. The only legal tender in Indonesia is the Indonesian rupiah.
Koster’s warning is likely to have a chilling effect on the use of cryptocurrency in Bali. Businesses that accept cryptocurrency payments could face fines or even closure.
Tourists who are considering using cryptocurrency in Bali should be aware of the risks. Cryptocurrency is a volatile asset, and its value can fluctuate wildly. There is also the risk of fraud and theft.
If you are considering using cryptocurrency in Bali, it is important to do your research and understand the risks involved.