cryptocurrency

Indonesia to regulate cryptocurrencies and not prohibit it like China – Times of India


The Indonesian minister for trade, Muhammad Luthfi confirmed to the local media Berita Satu about tightening cryptocurrencies regulations rather than prohibiting it like China. He said that Indonesia will focus on making cryptomarket less susceptible to illegal activities, Bitcoin.com reported
The statement from the Indonesian minister comes in the wake of stupendous growth registered by local exchanges in the first half of the year owing to the flourishing cryptocurrency market for 1 and a half years.

  • The report shows a 40 percent hike in transactions from 13 crypto exchanges in the first 5 months of 2021.
  • These crypto exchanges are regulated by the Futures Exchange Supervisory board.
  • The transaction volume reached $4.5 billion in 2020.
  • Crypto trading users also increased to 6.5 million in May 2021 from 4 million in 2020. This is more than the investors in Indonesia stock exchange (IDX) at just 5.37 million in May, according to Jakarta post.

China’s continued campaign against crypto trading and the final ban on 24th September affected Indonesian crypto prices too
Currently Bitcoin, Ethereum and Dogecoin are legalized assets and commodities in Indonesia which can be traded by the citizens but can’t be used as a means of payment.
Major Indonesian exchange Luno Indonesia‘s manager expressed confidence in future growth of the customer base from the current 70,000 users.
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