Central Bank of Indonesia: Cryptocurrency is a Threat to Financial Stability
The Central Bank of Indonesia issued a warning regarding cryptocurrency trading due to the potential stability of the financial system.
The Bank of Indonesia warned that cryptocurrencies are not recognised as a legal tender in the territory of Indonesia. The representatives of the bank say that the virtual currency is associated with high risks and a high probability of speculation.
The representatives of the bank also note that the cryptocurrency can be used for money laundering and terrorist financing, which can affect the stability of the financial system and supposedly damage the current economy.