The Trade Ministry’s Futures Exchange Supervisory Board in Indonesia (Bappebti) have announced that crypto will be allowed on stock exchanges for trade, and will be recognized as commodities. This is in spite of crypto not being recognized as a method of payment by the country’s central bank.
According to a report by the Jakarta Post, “The government will soon issue a supporting regulation that will rule on several issues including currency exchange companies, taxation and prevention of money laundering and terrorism financing”. However, it is only a matter of months since the Central Bank of Indonesia reiterated its stance, that Bitcoin and other cryptocurrencies are volatile, and not a medium of payment.
Nevertheless, Dharma Yoga, the head of Bappebti market supervision and development bureau, said that the decision was made after several months of studies into crypto. And the upcoming regulation will be similarly carefully put-together, with reports stating that the BI, the Financial Services Authority, the Taxation Directorate General, the Financial Transaction Reports and Analysis Centre and even the counterrorism authorities will be getting involved.
Bearing this latest development in mind, it will be interesting to see how the crypto market reacts in Indonesia, bearing in mind that BitBayar and TokoBitcoin, two Indonesian exchanges, ceased trading towards the back end of 2017 after the Central Bank had made its announcement about Bitcoin. And there will undoubtedly be plans for futures products in the near future, once the specifics of regulation have been decided between the authorities and the bourses, who have been asked to submit proposals forthwith.
Image Credit: Depositphotos
Could Bitcoin futures be a hit in Indonesia? Let us know your thoughts.