Indonesia’s Ministry of Communication and Digital Affairs (MCDA) took measures to block access to the Polymarket website on the grounds that it was a prediction market that acts like a gambling operation only disguised as a trading platform.
Daniel Sabar, General Director of MCDA’s Digital Space Authorisation Directorate, stated that authorities in Indonesia will not accept any type of illegal online gambling and that Polymarket’s primary function is as a “gambling” or “wagering” site where users bet real money on results of uncertain future events.
Sabar went on to explain at the press conference in Jakarta, that although many prediction market exchanges are marketed as platforms for making predictions on elections, economic trends, or sporting events using blockchain technology or cryptocurrencies, in the eyes of Indonesian law they all operate similarly to gambling products.
In addition to the ban associated with the Polymarket website, Sabar’s agency has also tracked use of social media accounts associated with Polymarket and worked to restrict access to these digital channels.
According to Sabar, international restrictions on gambling have only further demonstrated that prediction markets operate similarly to gambling and not as legitimate financial exchanges in the eyes of Indonesian law enforcement.
Authorities behind the decision reiterated their belief that no financial or trading instrument is considered “safe” if it involves speculative activity with real money.
Accordingly, the government will continue cooperating with law enforcement agencies in monitoring digital platforms in order to provide a “safe, healthy and productive online environment”.
