Bali’s Restriction on Cryptocurrency Payments is Upsetting Tourists

Details about Bali's restriction on cryptocurrency payments are included in this article

Bali's government has imposed strict regulations on cryptocurrency payments for products and services, warning visitors that the Indonesian rupiah is the sole accepted form of payment. Some visitors expressed their displeasure with the choice and stated that they would not return.

On May 28 Bali's Restriction on Cryptocurrency was declared and visitors who pay using cryptocurrency "will be dealt with firmly." They could face consequences like deportation, felony charges, and administrative sanctions. Additionally, companies detected taking cryptocurrency risk of being penalized and having to shut down.

The crypto community responded in a variety of ways, with some saying the ban and Bali's Restriction "makes sense" and others vowing not to return to the popular tourist destination.

On Reddit, a community member expressed their opinion that the choice of payment method "should be up to businesses and customers." The Redditor argued that transactions should be allowed to go on if both parties are ready to bear the risks associated with utilizing cryptocurrency as payment.

However, according to another Redditor, the prohibition "makes sense" for Indonesia. The community member claims that the nation leverages tourist spending to "prop up their currency." As a result, the money can maintain its worth. The Redditor disagreed with the ban despite this, though.

While many people opposed the ban, several defended Indonesia. One Redditor claims they are only safeguarding their money. Regulations are required before taxes may be levied. The community member in this instance thinks Indonesia doesn't have this yet. "They watch as their cash cow flees but are unable to stop it. The only thing left to do is to construct barriers, they wrote.

The economic base of Bali is the tourism industry. According to research, tourism accounts for over 28% of Bali's revenue. Giving residents chances and work boosts the economy. This implies that if visitors cease coming to the country, the economy may also suffer.