The Trade Ministry’s Futures Exchanges Supervisory Board (Bappebti) of Indonesia has given a green signal for crypto futures trading. But, it is surprised to see that the Bank of Indonesia still doesn’t recognize cryptocurrencies as a mode of payment.
Crypto Future Trading is Now Allowed
According to a Jarkata Post reports on Monday, a commodities market regulator under Indonesia’s Trade Ministry Futures Exchange Supervisory Board has ruled that cryptocurrencies can be traded on the country’s future exchanges.
Dharma Yoga, Bappebti market supervision chief, and development bureau said that,
“The Bappebti head has signed a decree to make cryptocurrency a commodity that could be traded at the bourse. And the ruling came after a four-month study period that examined the issue”.
Yoga notes that the government will soon provide crypto regulation on issues including taxation, money laundering, and terrorism financing and currency exchange companies. Therefore, the regulations will be issued to several institutions like Bank of Indonesia, the Taxation Directorate General, the Financial Services Authority (OJK), the Financial Transaction Reports and Analysis Centre (PPATK) and the National Police’s Densus 88 counter terrorism squad.
Last year, the Bank Indonesia which is also a central bank had confirmed that it will not recognize bitcoin as a means of payment. But still, the niche of Indonesia’s central bank renders the business model of cryptocurrency payment processors unviable. Bitcoin Exchange of Indonesian is sustaining to operate freely. Thus, it had resulted in the closure of bitcoin payment platforms.
Further, Dharma Yoga indicates that in order to prepare a complex regulatory framework, Bappebti requesting communities to submit their proposals. Therefore, the proposals submission will be based on product specification and process of trading.
He said,
“We call on the bourses to prepare concrete proposals on the issue”.
Whether Bank of Indonesia must recognize cryptocurrency as a mode of payment?
