Indonesia bans fintech firms in payments from using cryptocurrencies

Indonesia’s central bank has issued a regulation banning use of cryptocurrencies by financial technology companies involved in payment systems, and said it is examining whether there’s a need to regulate trading on virtual currency exchanges. “Financial technology operators are banned from using virtual currency in payment system activities,” said Sugeng, a deputy governor at Bank Indonesia (BI).The regulation, signed in November but made public on Thursday, requires financial technology companies involved in processing payments, such as e-wallets, to register at BI to ensure virtual currencies are not used in payments.