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Payment Not Recognized: Indonesian Bitcoin Processors Shut Down

What happened

According to Bitcoin.com, Indonesian bitcoin payment processors Toko Bitcoin and Bitbayer stopped working after recent news that the Bank of Indonesia won’t recognize bitcoin as a means of payment.

How about crypto exchanges?

BTC exchanges continue to work.

Why is it important

According to Cryptocompare, bitcoin to Indonesian Rupiah trading is the 10th largest national bitcoin market. Currently, Indonesian volume accounts for 0.18% of total trading volume.

What can we learn from it

  • It’s a ‘grey area’ in dubious regulation – Indonesian central bank does not recognize bitcoin as a currency, but no one bans BTC, or ICOs, or crypto exchanges.
  • If you have a crypto startup, make sure your business model does actually fit your target market. In case of Indonesia, bitcoin exchanges were not affected.
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