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The World’s Fourth-most Populous Country Recognizes Crypto

Regulation

Trading

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 26, 2023

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An Indonesian government body says it will recognize cryptocurrencies as future trading commodities – despite the central bank’s anti-crypto stance.

Indonesian media outlet Kontan quotes Trade Ministry’s Futures Exchange Supervisory Board’s (known as the Bappebti) market supervision and development bureau chief Dharma Yoga as saying that that the board had conducted a four-month study into cryptocurrencies, and quoted Yoga as saying, “The Bappebti has signed a decree to make cryptocurrency a commodity that could be traded at the bourse [the Indonesian stock exchange].”

The new commodities ruling will cheer the country’s crypto-enthusiasts, already buoyed by the claims of a crypto-pay developer who estimates the central bank will “renounce its current opposition to cryptocurrencies in as soon as three years.”

However, Bappebti also claimed that the government was working on cryptocurrency-related regulations that would help financial authorities police exchange platforms, tax investors and prevent money-laundering.

Dharma Yoga claims the central bank itself could play a part in helping to draw up the regulations, with assistance from the Indonesian Financial Services Authority, taxation authorities and the police’s counter-terrorism unit. In January this year, the central bank warned citizens of the country with a population of almost 270 million away from cryptocurrencies, and stated that they were “not legitimate instruments of payment.”