Aceh Economic Expert: Bitcoin "Bubble" is Dangerous
ACEHSATU.COM | BANDA ACEH -The value of bitcoin digital currency continues to skyrocket even to almost reach 12,000 US dollars or equivalent around Rp 162 million. Reinforcement of bitcoin that has not shown this stop sign raises concerns and warnings for investors.
Economist of Aceh from the University of Syiah Kuala, Dr Abd Jamal said, bitcoin can pose a dangerous "bubble" to the stability of the domestic economy.
According to him, "This is a toxic concept for investors", said Dr. Abd Jamal who is also the Dean of Faculty of Economics and Business of Syiah Kuala University, Friday (26/1/2018).
Dr Abd Jamal said the Government, the Central Bank of Indonesia and the Financial Services Authority agreed to ban the use of virtual currency such as bitcoin as it is against the law in Indonesia.
"The only applicable in Indonesia is Rupiah, so it is not possible to use bitcoin to conduct transactions, it is illegal, just like doing a transaction with counterfeit money or play money" said Dean I of Faculty of Economics Unsyiah
Dr Abd Jamal added, The money was never held physically, but it is real there when converted into domestic currency.
In fact, the money continues to circulate from one wallet to another, though only digital, not real.
Previously I wanted to explain a little story from one of the students, where he did the writing activity on the steemit blog.
His writings are paid with dollars. Anything written will be paid with dollars to his wallet or his account.
He said, the better the writing, the more expensive paid. The question is, who judges? In fact he also wrote all dead letters and irregular letters, but still paid and entered the account. Then converted to Bitcoin.
Then by the domestic bank is converted to Rupiah, which then goes into the customer account in the form of rupiah. This is a bank liability.
The question is, is domestic bank justified to convert bitcoin to rupiah? Is not Bank Indonesia banned?
This condition makes the customer has a lot of rupiah with no need to work hard.
However, we also need to know that the bank's obligation pays to the customer if there is a payment order and there is payment from the other party beforehand.
For example, clearing is done because there is a transfer from another party through another bank. Or the liabilities of the bank to pay to PLN, of course because there is transfer from other party to PLN through bank. In this case, who gives orders to the bank to pay to customers converted from Bitcoin? If not, it means only one side.
The bank must issue rupiah to the customer, but he does not get the rupiah from other parties, which means deficit.
Dr Abd Jamal specifically to ACEHSATU.COM explains, If there is just 1000 rupiah daily transactions for one person with 1000 customers, then in a month the bank's obligation reaches 30 million rupiah. That's not the least.
If the condition lasts long, then the bank can bankrupt and will affect the national economy.
Conversely, if the bank can claim Bitcoin intended, to the party of the payer behind there who is still a mystery, may not be a problem for the bank. Can balance.
One more thing, the condition can also be used to destroy the national economy. Why? to get the money there is no real output generated.
This means that the real economy stagnates, but money in the hands of many communities. If money is circulating in the hands of the people already very much, then the impact on prices soared, and so on.
In micro, for individuals, it is very profitable. Individuals do not have to work hard, but can make money. Especially for the poor. Simply post pictures, it can be money.
No need to think and not have to sweat. But on a macro basis? Will disrupt financial stability. Therefore, the government and Bank Indonesia should immediately make regulations specifically related to virtual currency. Firmly Dr. Abd Jamal