TikTok has said it will halt its online retail operation in Indonesia to comply with the country’s decision to ban e-commerce transactions on social media platforms – a big blow to the video platform’s fastest-growing market.
“Our priority is to remain compliant with local laws and regulations,” said the statement released on Tuesday on its website. Sellers at the market in the capital, Jakarta, were experiencing a more than 50% loss of profits because they could not compete with imported products sold online at much lower prices, according to minister of cooperatives and small and medium enterprises Teten Masduki.
Countries including the United States, Britain and New Zealand have banned the app on government phones, despite TikTok repeatedly denying that it has ever shared data with the Chinese government and would not do so if asked.
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