Cryptocurrency as Commodities in Indonesia.

[kjnfmplm]

According to Bitcoin.com

Cryptocurrencies in Indonesia will be regarded as commodities, according to a new decision by the country’s futures market regulator. It comes after a study concluding that digital coins deserve the commodity status. The government is expected to prepare a broader regulation covering other aspects of the crypto sector including trading and taxation.

What do you think will happen to cryptocurrency now that Indonesia is legalizing the cryptocurrency in their country? Even though they have stated earlier this year that they are banning Bitcoin?

I think that it will serve as a positive news to cryptocurrency and might help to gain a lot of new investors. Because of the study that Futures Exchange Supervisory Board (Indonesia) conducted in the past four months, they have concluded that Cryptocurrency is a commodity. I think that it might serve as a sign to other countries to legalize Cryptocurrency in their countries.

This is the Source.

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[czhen]

for now Indonesia still does not support crytpocurrency officially and yet also strictly prohibits.
but Indonesia should be able to imitate developed countries such as japan that legalize bitcoin and russia that begin to side with cryptocurrency.

[ahmadakbari]

As as long as a government don't try to make using cryptocurrencies difficult for people, it's good. There is no difference they know bitcoin or other cryptocurrencies as a currency or a commodity. Users decide what is bitcoin when they are using it.

[reflectcrypto9524]

Well, as per I know cryptocurrency is banned in Indonesia. But if in recent times they are telling it as a commodities I think it is a positive side that in coming future they will accept as a digital currency.

[bedulook]

Legalization of bitcoin in Indonesia is a good move by the government and it will attract a lot of investors to get  involve in cryptocurrency. For it serving as commodity is an option to people who will assume it otherwise

[bellamente]

Indonesia can become a world center of cryptocurrency if legalized bitcoin

I think sooner or later some country will do it and the economy of this country will grow by 1000%

[franky1]

just goes to show they dont even know what a commodity is

a commodity is a raw material used in the creation of other products (EG oil=fuel, what=bread, gold=curcuits)
bitcoin is an asset.

by adding things as a commodity thats not a commodity is just wrong.. not just for mis-representing what crypto is. but also muddying the water of what commodities are.

[Kristy22]

Cryptocurrencies in Indonesia will be regarded as commodities, according to a new decision by the country’s futures market regulator. It comes after a study concluding that digital coins deserve the commodity status. The government is expected to prepare a broader regulation covering other aspects of the crypto sector including trading and taxation.

[Tankdestroyer]

bitcoin is an asset

It can also be categorized as a commodity though because it can also be defined as "a useful and valuable thing" according to Meriam Dictionary.

I thiink that it might serve as a sign to other countries to legalize Cryptocurrency in their countries.

It won't because the other countries who have legalized bitcoin and crypto are far more influencial than Indonesia, but other countries are not yet deciding to follow into their footsteps maybe because they are researching more about it.

[Herlina]

just goes to show they dont even know what a commodity is

a commodity is a raw material used in the creation of other products (EG oil=fuel, what=bread, gold=curcuits)
bitcoin is an asset.

by adding things as a commodity thats not a commodity is just wrong.. not just for mis-representing what crypto is. but also muddying the water of what commodities are.

For me the wrong response is the usual thing, they can assume that crypto is a commodity or not
IMO. the most important thing is they legalize crypto, we have a chance to prove that crypto is an asset or digital currency if they do it

[septyadf1]

For now, indonesia is not regarded as a cryptocurrency friendly region. The Bank of Indonesia does not acknowledge cryptocurrency as legal tender for goods and services rendered. This situation can also be observed in Russia, where the central bank refuses to recognize cryptocurrency, while politicians and government departments attempt to regulate and promote it.

[ajuelnah akun]

No matter what they think about bitcoin, they just want to benefit from bitcoin. They say bitcoin is a commodity but in reality they do not provide legal protection at all for bitcoin users. They just want to get taxes from the exchanger and I think this is totally unprofitable for bitcoin.
Authorized or not, the Indonesian community will still use bitcoin even though only through online stores.

[freesia_pnp888]

no they're not going to legalize it sadly for you.

[ubay]

Users bitcoin in Indonesia increasingly growing day, it proves that citizens of Indonesia are aware of blockchain technology, it's a good thing to remember with the support of users in Indonesia does not close the possibility of bitcoin can become a commodity even become legal.

[zinson01]

If they open this platform for crypto then it will be great or their citizens also if they legalize this issue then people of Indonesia will be more benefited because they will earl lots of profit based on this crypto market will be benefited too we are hoping for the good news.

[kok jujung]

As far as I know Indonesia does not prohibit but Indonesia also has not supported clearly, every month commodities in Indonesia do collecting activities together to discuss about bitcoin

[sakahayang]

Called commodities or the other is not a problem, with the attention of the government alone is good enough. government response means a sign that bitcoin can be accepted in Indonesia, this should be good news for the bitcoiner in Indonesia

[andieoke]

In Indonesia, Cryptocurrency is still not legal and Indonesia does not allow transactions with bitcoins and other cryptocurrencies. however, the Indonesian government does not prohibit its community to move in Cryptocurrency, the Indonesian people are still free to do Cryptocurrency mining, Crypto trading, investment and so on. and indeed, a lot of Indonesians are looking for profit, after the emergence of this cryptocurrency.

[pooya87]

~Even though they have stated earlier this year that they are banning Bitcoin?

that's the problem with the bitcoin-related media, it is filled with bullshit.
when price was above $10k and they were trying hard to push it down they started the bullshit campaign. in this campaign a dozen countries allegedly banned bitcoin. it got to a point where i once heard Japan has banned bitcoin

as for what it means is just another country trying to define bitcoin and failing. they use commodity because they want to tax it easier. it is  a start though and things can change in the future. we may soon see all the world accept bitcoin for what it really is: a currency.

[Sam San]

Any bans do not lead to anything good and inhibit the development of society,it has long been known to all.It is good that Indonesia is making this step towards the crypto currency,I hope other countries will turn in this direction.