Public Urged to be Wary of Investing in Bitcoin

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  • Ilustrasi bitcoin.  KAREN BLEIER/AFP/Getty Images

    Ilustrasi bitcoin. KAREN BLEIER/AFP/Getty Images

    TEMPO.CO, Jakarta - Foreign exchange analyst Fahrial Anwar, called on public to be wary of investment in Bitcoin.

    “Public should not be easily tempted by promises of huge profit,” Fahrial told Tempo on Friday, September 5, 2014.

    According to Fahrial, investing in Bitcoin poses high risks because there is no institution insuring the investment. If there was any fraud, Fahrial said, investors would be having difficulties in finding the culprit.

    Bank Indonesia’s Deputy Governor for Payment System and Banking Supervision, Ronald Waas, said Bitcoin is not the legal tender in Indonesia.

    “If public wants to buy Bitcoin as a saving, it is up to them. But it should not be used as a mean of payment.

    In Indonesia, Bitcoin started to gain its popularity in November 2013. Indonesian Bitcoin recorded transaction value of 5 btc or about Rp35 to 50 million (US$2,900 to US$4,166) on a daily basis. Bitcoin’s highest value in Indonesia was US$1,200 per btc.

    However, Bank Indonesia and the Financial Service Authority (OJK) have not considered Bitcoin as a legal tender yet since the value is highly fluctuated. In addition, Bitcoin is vulnerable to hacker’s attack.