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Indonesia has blocked the Polymarket platform due to gambling - ForkLog: cryptocurrencies, AI, singularity, the future
The Ministry of Communications and Digital Technologies of Indonesia has restricted access to the Polymarket platform. Officials equated the service to online casinos.
The reason for the blockage was bets on the early resignation of the country's president, Prabowo Subianto. One of the markets offered wagers on the leader stepping down before the end of 2026, even though his term expires in 2029. Trading volume for this market exceeded $46,000. The ministry emphasized that any form of online gambling is prohibited in the country.
The ministry added that the decision is aimed at "protecting youth and users of the national digital space."
Indonesia has joined the list of countries that consider prediction markets as tools for gambling. Previously, India restricted access to Polymarket. The platform is unavailable in more than 30 jurisdictions.
Supporters of the platform insist that Polymarket is a tool for tracking public sentiment. Regulators, however, fear market manipulation and insider trading. Against this backdrop, the project team plans to obtain official licenses to operate in several countries, including Japan.
Recall that on May 22, Polymarket confirmed the compromise of a private key. According to on-chain analysts, the damage amounted to about $700,000.