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Cryptocurrency Declared Legal in Indonesia

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This news is coming as a shocker because just last six months ago, Indonesia Central Bank banned cryptocurrency. But today it has been declared legal. This is a great News to crypto lovers in the country.

Indonesia Approves Cryptocurrency Futures Trading, Prepares Regulation. Laws will govern exchanges, wallets and mining operations, and trading will be taxed.

Specifically, in December 2017 Agus Martowardojo, Governor of Bank Indonesia, said that payment providers would be prohibited from conducting business with parties connected with digital currency, and a law was passed rendering all transactions executed using a non-approved fiat currency illegal.

The new cryptocurrency Tron which is currently one of the biggest in the world, had won a listing on the country’s biggest cryptocurrency exchange, Indodax. The existence of Indodax itself could be considered surprising, but the aforementioned law technically did not cover cryptocurrency trading or mining.

Cryptocurrency is very popular in Indonesia, where less than half of the population have bank accounts, and this is reflected in the performance of Indodax. It processes almost $20 million worth of cryptocurrency trading a day, and some predict that it will surpass the country’s main stock exchange in terms of user numbers by the end of 2018.

Kontan has reported Dharma Yoga, head of the Commodity Futures Trading Supervisory Agency (known as Bappebti), announced last week that cryptocurrency could be considered a commodity that can be traded on futures exchanges. The decision came after a four-month review.

Commodity Futures Trading Supervisory Agency (known as Bappebti), will now establish regulations governing cryptocurrency exchanges, wallets, and mining operations, said Yoga. The agency is also preparing taxation laws, and has requested that Indodax report cryptocurrency trading information.

 

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