Bitcoin in Indonesia, Phillipines, and Australia

Indonesia

First reported by CCN in early 2014, the country’s central bank issued a public notice warning citizens to be careful of adopting virtual currencies. “Bank Indonesia states that Bitcoin and other virtual currency are not valid currency or payment instruments in Indonesia,” read an excerpt of BI’s statement at the time.

Today, The head of Bank Indonesia (BI), Indonesia’s central bank, has threatened action against bitcoin adopters if the cryptocurrency is used as a method of payment.

Specifically, He said " When the BI has asserted Bitcoin is not a valid payment instrument, those who use it will be dealt with. I do not want any violations in Indonesia."

Phillipines

Earlier this year, the Philippines’ central bank issued regulations for bitcoin exchanges in a legislative move that has effectively acknowledged and legalized bitcoin in the country.

Bangko Sentral ng Pilipinas (BSP) deputy director Melchor Plabasan said:

" It’s like any other monetary instrument [and even] an investment instrument. There are risks but essentially, it can be managed. If you want something that is fast, near real-time and convenient then there’s the benefit of using virtual currencies like bitcoin."

Australia

In August, the Australian government regulated the bitcoin industry.