Cryptocurrencies legalized as commodities in Indonesia

The authorities of Bank of Indonesia are working on the formulation of the regulations for cryptocurrency transactions. Meanwhile, they have approved the commercialization of digital currency as a commodity in the stock market.

This has been reported to the media representatives of the Supervisory Board of the Exchange of Futures of the Ministry of Commerce of Indonesia (Bappebti). It works jointly with the Bank of Indonesia as well as with other local banking entities to maintain financial stability.

Dharma Yoga, director of the Bappebti, has indicated that they are working on the legal mechanisms that will be applied to cryptocurrency exchange agencies, in addition to those related to avoiding crimes with crypto such as money laundering or the financing of terrorist acts.

The rupiah is the official currency in Indonesia and it’s protected by the central bank to maintain its competitiveness and strength against other foreign currencies through transparent policies that are evaluated annually. This is one of the reasons why the evaluation of cryptocurrency transactions has been delayed.

It is important to note that the country’s main bank does not yet recognize digital currency as a means of commercial exchange or as a payment instrument.

M.Pino

Source: Coincrispy

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