Indonesia to regulate cryptos rather than prohibiting like China

Muhammad Luthfi, the Indonesian Minister for trade confirmed to the local media about reinforcing cryptos regulations instead of banning it like China. He said that Indonesia will concentrate on making the crypto market less prone to unlawful activities.

The statement from the Indonesian minister comes posterior to the fabulous growth recorded by local exchanges in the first half of the year due to the growing crypto market for 1 and a half years.

The report marked a 40% hike in the transactions from 13 crypto exchanges in the first five months of 2021. They are regulated by the Futures Exchange Supervisory Board. In 2020, the transaction value touched $4.5 billion. Besides this, cryptocurrency users also hiked from 4 million in 2020 to 6.5 million in May 2021. At Jakarta post, this is more than the investors in Indonesia Stock Exchange (IDX) at just 5.37 million in May.

China’s resumed stance against crypto trading and the final prohibition on 24th September influenced cryptocurrency prices as well.

Presently, Ethereum, Bitcoin and Dogecoin are legalized commodities and assets in Indonesia which can be traded by the netizens but can’t be utilized as a mode of payment.

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