Arrests of entrepreneurs using crypto began in Bali. Earlier, the island’s government notified tourists from other countries that they could be expelled from the island if they paid with cryptocurrencies. Companies and entrepreneurs accepting cryptocurrencies as payment will be subject to harsh sanctions.
Several spoke about this days ago Island Governor Wayan Coster at a press conference on tourism development in Bali, Antara reports. Koster also said earlier that a quota system could be introduced on the island to stop mass tourism.
Bali Police Arrest Entrepreneur Accepting Cryptocurrency Payments
The Bali police arrested a businessman (33 years old) from the Jimbaran settlement. He rented cars to tourists and accepted cryptocurrency as payment.
Investigation chief Nanang Prihasmoko said the police found a car rental group on Telegram and contacted them as if they wanted to rent a car.
At the meeting, the businessman was arrested. A smartphone that he used for crypto payments, a bank card was confiscated from him. The police also gained access to the entrepreneur’s account on the Indodax crypto platform, a Telegram account, and screenshots of correspondence with clients.
The police also identified cafes, rental offices, and real estate rental companies on the island of Bali, which also used cryptocurrencies as means of payment. An investigation is underway, the issue of terminating the activities of companies, imposing administrative fines against them is being resolved.
As you know, Indonesian law prohibits the use of any currencies, including crypto assets, as means of payment. The only means of payment is the Indonesian rupiah.
Using crypto assets to make payments instead of the Indonesian rupiah could face up to 1 year in prison and a fine of 200 million Indonesian rupiah ($13,337). Tourists who break the law can be expelled from the country, imprisoned, and fined.
However, it is not only in Bali that people who use cryptocurrencies are being persecuted. The same practice is applied in China.
Chinese police arrest Trust Reserve team, creators of CNHC and HKDC stablecoins
Employees of Trust Reserve, the issuer of the CNH Coin (CNHC) stablecoin pegged to the Chinese yuan, have been detained by the Chinese police. This was reported by the local edition of PANews. It is reported that family members of some employees were also arrested. The Trust Reserve office in Pudong, Shanghai, was empty and unemployed. Trust Reserve also has a business related to cross-border payments, which may be linked to the police investigation.
Subscribe to the Telegram channel to keep abreast of the news of the crypto world and not miss the upcoming bull cycle in the crypto!! Follow the link right now – https://t.me/like_freedman
Author: Vadim Gruzdev, analyst Freedman Club Crypto News