Bali police arrested a 23-year-old man identified by the initials TS (30) last Tuesday. According to local media, TS would accept cryptocurrencies at his company, a car rental company.
Just days before the man’s arrest, Bali issued a warning to locals and tourists alike, stating that transactions involving cryptocurrencies or other foreign currencies were illegal in Indonesia.
Therefore, the case can be interpreted as a message to other cryptocurrency enthusiasts who have ignored the warning.
Bali police investigation
The Bali Police Cybercrime Unit began its investigation after news of its cryptocurrency policies went viral both in the region and globally.
Investigators joined groups on Telegram to search for evidence.
Unsurprisingly, authorities discovered several locations that accept cryptocurrencies as a payment method. The main sectors were coffee shops, car rental companies and real estate agents, i.e. services that are in high demand by foreigners.
One of those entrepreneurs was TS, a 23-year-old man who is believed to be accepting cryptocurrencies in his business. After contacting the suspect via WhatsApp, TS gave investigators a payment address, assuming they were customers.
According to the deal, a three-day rental for the car would cost 350 USDT (R$1,720), a dollar-backed stablecoin. The police sent 40 USDT as an advance on Sunday (28). Already on Monday (29), after sending the remaining 310 USDT, he arrested the trader.
“The defendant’s modus operandi was to advertise a car rental company, offer it on social media and accept payments in cryptocurrencies”said Kombes Satake, head of public relations for the Bali Police.
In addition, the police also collected screenshots of communications on social networks and messaging apps as evidence, as well as a mobile phone, a credit card, cash and a car.
Arrest is a direct message to anyone who circumvents local laws
While cryptocurrencies can be a convenience to tourists, as they can be purchased around the world in anticipation of a trip, Indonesia sees the associated dangers in using them as a means of payment.
After all, this can quickly weaken your local currency, the Indonesian rupiah. Therefore, TS’s arrest is not only a warning to other local traders, but also to foreigners, whose visas may be seized.
Finally, the case is reminiscent of the arrest of a young Frenchman in Morocco. On the occasion, Thomas Claussi bought a Ferrari paying in Bitcoin, but ended up facing an 18-month prison sentence.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
