Indonesia is not forbidden cryptocurrencies like China, says the minister, while the cryptoandel is increasing - regulation
Indonesia is not forbidden cryptocurrencies like China, says the minister, while the cryptoandel is increasing - regulation
The authorities in Indonesia do not intend to follow the example of China, to impose a complete ban on cryptocurrencies, a government official said and found that the country would be limited to ensuring that they are not used for illegal activities. The statement comes after local crypto exchanges have a serious increase in sales this year.
Indonesia tightens regulations without prohibiting crypto transactions
The Indonesian government will not enter the footsteps of China, which has confirmed that prohibited For all cryptocurrency transactions, the Muke Minister of the State of Muhammad Luthfi emphasized in comments towards local media. However, the official added that the government checks how they can be made less susceptible to illegal financial activities. Quoted by Berita Satu and the Jakarta Globe, said Luthfi:
We don't forbid it, but we will tighten the regulations.
cryptocurrencies such as Bitcoin, Ethereum and Dogecoin are currently considered assets and raw materials in Indonesia. Their legal treatment allows the residents of the Southeast Asian nation to trade digital coins, but their use as a means of payment is not permitted.
This week the Central Bank of China dass stated Transactions with cryptocurrencies are illegal, which previously reflected on restrictions imposed. All associated financial activities, including crypto trading, token sales and transactions with virtual currency derivatives, are also prohibited. The announcement, which has damaged the cryptocurrency markets, comes after months of Cong on About Bitcoin mining and trade in the whole country.
Indonesian crypto trading tips in the first half of this year
China's confirmed stubborn attitude towards decentralized money also influenced crypto prices in Indonesia. Bitcoin ( btc fell on the country's largest stock exchange, by 7.4 % on 595 million Indonesian rupiah (under 41,000 USD) right after the PBOC Note on Friday. The price of the leading cryptocurrency after market capitalization has since been at 609 million Rupiah Pro. recovered coin ($ 42,650 at the time of writing).
The Indonesian crypto trade in the past year and a half has been flourished. The transactions to 13 from the Futures Exchange Supervisory Board approved domestic exchanges rose by 40% in the first five months of 2021. In 2020, the transaction volume reached 65 trillion rupiah ($ 4.5 billion), as the data cited.
the number of people involved in trade exceeded 6.5 million compared to 4 million end of last year. Luno Indonesia, another large stock exchange in the country, was confident that she could double or even triple her customer base from currently 700,000 users. "The growth is breakneck today ... crypto booming," said the manager of the platform, Jay Jayawijayaningiyas, on Wednesday.
Do you believe that the popularity of cryptocurrencies in Indonesia will continue to increase? Tell us in the comment area below.
Bedy verification : Shutterstock, Pixabay, Wiki Commons