Indonesia bans use of Bitcoin and other virtual currencies

JAKARTA (REUTERS) - Indonesia has become the latest country to ban the use of the Bitcoin virtual currency.

Since its launch in January 2009, the digital currency has grown popular with those with doubts about using the traditional banking system. But there are also concerns that the system is being used for money laundering.

"Bitcoin and other virtual currencies are neither currency nor legal payment tools in Indonesia. People are advised to be careful about Bitcoin and other virtual currencies," the central bank said in a statement on Thursday.