Indonesian Regulator Rules Cryptocurrencies are Commodities


Indonesian Regulator rules cryptocurrencies are commodities, adding that they can now be traded on the Indonesian futures exchange. The ruling has been made following a four-month study period.

5 June, AtoZ Markets The Indonesian commodities market regulator operating under the country’s Ministry of Trade, Indonesia’s Futures Exchange Supervisory Board (Bappebti), has made a public announcement in regards to the cryptocurrencies. The watchdog has stated that cryptocurrencies can be regarded as commodities. Therefore, as per the decision, they can be traded on the Indonesian futures exchange.

Indonesian Regulator Rules Cryptocurrencies are Commodities

According to the local reports that have surfaced on Monday, the market supervision chief of Indonesia’s Futures Exchange Supervisory Board Dharma Yoga has admitted that the officials have made such decision. Dharma Yoga has further stated that the ruling has been made following a four-month study period. During the study, the researchers have looked into the cryptocurrencies’ features and regulatory matters.

As per Yoga, the agency has inked a decree to make the decision formal. This could potentially make the way for a Bitcoin futures contract in Indonesia. 

In the meantime, some other regulations in relation to cryptocurrency exchanges in the country are also about to be discussed and decided upon. According to Yoga, the cryptocurrency related taxation is another topic that is now being developed by the country’s central bank and its taxation agency.

Bank Indonesia Crypto Stance

The central bank of Indonesia, Bank Indonesia, has proposed earlier last year that it would ban Bitcoin payments in the country. The officials have also stated that the bank does not recognize the cryptocurrency as a legal payments method. 

At the beginning of this year, the central bank of Indonesia has warned that digital currencies might not be used for payments in the country. In its official press release, the Bank Indonesia has stated that cryptocurrencies are not a “legitimate instrument of payment” in the country.

Yoga has also added that in order to prepare an inclusive regulatory framework, the agency is requesting local cryptocurrency exchanges to submit regulatory suggestions.

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