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| Foto:Pixabay |
VISTORBELITUNG.COM,– The world of crypto assets continues to throb with activity, and Indonesia is no exception. One facility that is often a hot topic among crypto enthusiasts is the Bitcoin ATM. This machine, which allows the exchange of cash (fiat) into Bitcoin or other cryptocurrencies, offers ease and speed of transaction. However, amidst evolving regulations and technology, how easy is it to find and use a Bitcoin ATM in the archipelago?
The presence of Bitcoin ATMs in Indonesia is not a new phenomenon. Some sources mention that these crypto exchange machines briefly appeared in a few locations, notably at Ratu Plaza Mall, Jakarta. The machine was reported to operate on a "one-way" system (buy only), allowing users to purchase Bitcoin or other crypto assets using Rupiah (IDR).
Even the island of Bali once experienced a crypto golden age. In 2014, Bali was briefly dubbed the "Bitcoin Island" with the presence of Bitcoin ATMs and many restaurants or cafes accepting payments in Bitcoin. However, this situation changed in 2018 when Bank Indonesia (BI) took a firm stance.
It is crucial to understand that, although crypto assets like Bitcoin are legal to trade as a commodity in Indonesia (under the supervision of Bappebti, whose authority is now shifting to OJK), their status as an official payment instrument is strictly prohibited.
Bank Indonesia consistently affirms that the Rupiah is the only legal tender in the territory of the Unitary State of the Republic of Indonesia (NKRI), in accordance with Law Number 7 of 2011 concerning Currency. The use of virtual currencies, including Bitcoin, as a means of payment is prohibited.
This regulatory rigidity has direct implications for the existence and operation of Bitcoin ATMs. While a Bitcoin ATM is technically a machine that exchanges Rupiah for a crypto asset (a commodity), its use in facilitating transactions related to the function of cash requires extreme caution and strict adherence to regulations, especially those related to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF).
Unlike other countries, such as the United States or Europe which have thousands of Bitcoin ATM locations, searching for a similar machine in Indonesia today is a challenge. Since BI's regulatory tightening on payment instruments in 2018, the trace of physical Bitcoin ATM operations in public places in Indonesia is almost non-existent.
Crypto enthusiasts in Indonesia now rely more on officially registered crypto exchange platforms in Indonesia, which provide the same services (exchanging Rupiah to crypto and vice versa) online through applications or websites.
Local Innovation: "Toy" Bitcoin ATMs and the Digital Trend
Nevertheless, local creativity still surfaces. Some independent innovations were briefly introduced, such as a machine called the Lightning ATM (Toy) developed by an Indonesian netizen. This machine allows the conversion of Rupiah to Satoshis (the smallest fraction of Bitcoin) using the Lightning Network, although it is more of an educational and experimental project.
Broadly speaking, the crypto ecosystem in Indonesia is currently focused on digital trading through official platforms, rather than through physical machines like Bitcoin ATMs. The latest regulatory developments, including the transition of supervision to the Financial Services Authority (OJK), indicate that the government continues to strive to create a safe framework for trading these digital assets.
Although Bitcoin ATMs once existed in Indonesia, finding an operational physical machine today is extremely difficult, almost non-existent, especially after the regulatory tightening on the use of crypto as a payment instrument. For Indonesians who wish to transact Bitcoin, the safest and most legal option is through official, registered, and supervised crypto asset exchange platforms in Indonesia.