Tourists are unhappy with crypto payments ban in Bali

Regulation

The government of Bali, Indonesia, recently cracked down on crypto payments for goods and services and reminded tourists that the Indonesian Rupiah is the only legal tender. Some tourists were dissatisfied with the decision, saying that they will not visit again. 

On May 28, the Indonesian government affirmed that tourists who will use crypto for payments “will be dealt with firmly.” They could be subject to punishments such as deportation, criminal penalties, and administrative sanctions. In addition, the businesses that would be caught accepting crypto could also be punished and forced to close their operations.

The community shared various responses with some saying that the ban “makes sense” and some threatening to not visit the tourist hotspot again.

On Reddit, a community member shared their belief that the form of payment used “should be up to businesses and customers.” The Redditor said that if both of the parties are willing to accept the risks of using crypto as payment, they should be given permission to proceed with their transactions.

On the other hand, a Redditor believes that the ban “makes sense” for Indonesia. According to the community member, the country uses tourist money to “prop up their currency.” This allows the currency to hold its value. Despite this, the Redditor still expressed that they do not agree with the ban.

Related: Indonesia targets launch of its national crypto exchange by June

While some offered arguments and perspectives on the issue, others chose to go with a simpler approach — reconsidering their plans to visit Bali. A community member wrote:

While many were against the ban, some came to Indonesia’s defense. According to a Redditor, they are just protecting their income. Taxes can only be applied when there are regulations. In this case, the community member believes that Indonesia does not have this yet. “They see their cash cow running away and can do nothing to stop it. So there’s one thing to do: build fences,” they wrote

Tourism is a very important sector that contributes to Bali’s economy. Research shows that the tourism sector makes up almost 28% of Bali’s income. It helps the economy by creating opportunities and jobs for the locals. This suggests that if tourists stop visiting the country, it could potentially lead to a drop in income as well.

Magazine: FTX 2.0 coming up, Multichain FUD and Worldcoin raises $115M: Hodler’s Digest, May 21-27

Articles You May Like

Is Ethereum Set For A Major Rally? Options Traders Bet Big On $3,600+ Targets For June
Expert Sets Timeline For When Ethereum Price Will Begin Rally To $10,000
Ethereum Bull Flag Breakout: ATH On The Horizon As Major Metrics Turn Bullish
Is Ripple Dumping XRP Again? Here’s What We Know
Ethereum Bulls On The Rise? Crucial Indicator Point To A Major Upturn