Sri Mulyani: Bitcoin Prone to Money Laundering

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  • Minister of Finance, Sri Mulyani. TEMPO/Subekti.

    Minister of Finance, Sri Mulyani. TEMPO/Subekti.

    TEMPO.CO, Jakarta - Finance Minister Sri Mulyani Indrawati urged the public to avoid cryptocurrency transactions, including the infamous Bitcoin. The reason is that Bitcoin is not a legitimate means of payment.

    “The transaction is not legitimate since it doesn’t comply with the law,” said Sri Mulyani today, January 23.

    Read: BI Prohibits Bitcoin Transactions

    Furthermore, Sri Mulyani explained that this specific virtual currency has been banned by several countries due to its speculative elements and it can potentially do harm towards society.

    Cryptocurrency is prone to be used in illegal transactions, money laundering, and funding terrorists due to the absence of the authority that regulates or oversees its activities. 

    Financial Services Authority (OJK) Chairman Wimboh Santoso ensured that all of the financial service industry has been barred from facilitating trades involving virtual currencies, including Bitcoin.

    Read: OJK Bank Indonesia Discuss Bitcoin for Investment

    Bank Indonesia Governor Agus Martowardojo even stated that cryptocurrencies, especially Bitcoin, is too risky to be used as investments. Considering that there are no clear regulators or administrators overseeing Bitcoin trades.