Cryptocurrency Development in Indonesia

Cryptocurrency Development in Indonesia

Cryptocurrency Development in Indonesia

Actually, many Indonesian people know what cryptocurrency is. However, the existence of this digital currency was strongly rejected by the central government. In fact, it is not recognized by statutory regulations as a legal transaction or payment instrument in the country.

This is based on the regulation of Law No. 7 Article 1 Paragraph 1 of 2011, it is explained that the payment instrument accepted in Indonesia only uses the rupiah currency. Even so, the existence of Indonesian cryptocurrencies is still allowed and legal.

Bank Indonesia provides advice on storing and conducting buying and selling transactions as assets, but the risk will be borne by yourself. However, since February 2019 you don’t have to worry anymore, because there is already a legal umbrella through regulation no. 5 of 2019 which regulates the technical implementation of the physical market for crypto assets on futures exchanges.

Cryptocurrency