Cryptocurrency Trading Rules in Indonesia

Lovata Andrean

Cryptocurrency Trading Rules in Indonesia
Cryptocurrency Trading Rules in Indonesia

Rancakmedia.com – Cryptocurrency is digital money that uses cryptography as collateral. Cryptography is a strategy used to secure information and communication channels using code.

The use of cryptography is what makes the use of cryptocurrencies difficult to manipulate. This means that cryptocurrency transactions cannot be faked. The documentation of every cryptocurrency transaction is consolidated in a system called blockchain technology.

In Indonesia, cryptocurrency laws are issued by the Commodity Futures Trading Supervisory Agency (Bappebti) of the Ministry of Trade.

More details regarding the rules for trading cryptocurrencies and cryptocurrencies in Indonesia can be seen in the following article.

Crypto Currency Regulations in Indonesia

Crypto Currency Regulations in Indonesia

There are various regulations that provide a legal basis for cryptocurrency trading in Indonesia.

Bappebti on its official website states that the perspective on regulating crypto currency in Indonesia is taken from Law Number 7 of 2011 which regulates currency. The regulation states that the legal means of payment in Indonesia is the rupiah.

Thus, it means that crypto assets or crypto currencies cannot be a means of payment in Indonesia.

Apart from that, the regulation of crypto currency in Indonesia is also issued from Law Number 8 of 1995 concerning Capital Markets which defines securities as securities, namely debt recognition letters, commercial securities, shares, bonds, proof of debt, participation units in collectives. . investment contract. , futures contracts on securities, and derivatives of any securities.

Cryptocurrency restrictions in Indonesia are also taken from Law Number 10 of 2011 concerning Amendments to Law Number 32 of 1997 concerning Commodity Futures Trading.

Article 1 paragraph 2 of the regulation states that commodities are every product, right and other interest as well as every derivative of a commodity that can be traded and is subject to futures contracts, sharia derivative contracts and other derivative contracts.

Why are cryptocurrencies in Indonesia included in the category of commodities traded on futures exchanges?

The first reason is that cryptocurrency prices tend to be quite volatile and highly liquid.

Second, there is no government involvement, therefore coins and tokens produced from blockchain technology are traded freely without intervention, so the market is perfect.

Third, the demand and supply of crypto assets is quite dense in the market. The crypto asset market is quite large, documented to date, the worldwide crypto asset market capitalization has reached 2,62 trillion US dollars with 10.000 types of crypto assets being traded. In Indonesia, crypto asset companies have emerged and hundreds of thousands of clients trade.

Fourth, crypto assets are consistent with commodity standards. In a sense, as a digital commodity, standards are part of the commodity design. As a standard for commodity design, coins/tokens use Rupiah. Therefore, the issue of standards is not an issue, as is the case with standards for physical commodities.

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Lovata Andrean

Hi, I'm Lovata, I'm not Ai but I am a content writer for SEO, Technology, Finance, Travel, Cooking Recipes and others. I hope this can be useful for all my friends. Thanks