Unlike China, Indonesia won’t ban Cryptocurrency, says Minister as trading soars
Promoting Cryptocurrency with Better Regulations
Indonesian authorities are not so keen to even consider banning cryptocurrency, unlike China’s blatant rejection. An Indonesian government official states proper diligence will be taken to ensure no illegal activities are undertaken. This announcement comes after a recent turnover surge recorded in Indonesian (local) crypto exchanges.
The Indonesian government intends to instead make the cryptocurrency regulations efficient whilst still supporting crypto transactions. Indonesia’s Minister of Trade, Muhammad Luthfi, shared comments with the local media agencies. He added that the government is actively exploring ways to prevent cryptocurrency monies from financing illegalities and crimes. In his quotes to Berita Satu and the Jakarta Globe, the Minister said:
We don’t prohibit it, but we will tighten the regulations.
While the Central Bank of China has vehemently opposed cryptocurrency transactions. Indonesian laws and regulations treat cryptocurrencies as assets and commodities. But their usage to make regular payments is not yet permitted. Reports indicate that crypto trading in Indonesia is growing lately. Transactions on 13 Futures Exchange Supervisory Board (FESB)-authorized DEXs rose by 40% up until May 31, 2021. Research data indicates that in 2020, the Indonesian crypto transactions’ volume touched 65 trillion rupiah (US$4.5 billion).