In Indonesia cryptocurrency is becoming the next prominent thing. As to the Trade Ministry, Bitcoin transactions grew in the year 2020 by more than 14 times from 60 trillion rupiahs ($4.1 billion) to 859 trillion rupiahs ($59.82 billion) in the year 2021.
Cryptocurrency is reaching the point where it is becoming more famous than conventional stock. Jerry Sambuaga the Trade Vice Minister said that in the year 2021 cryptocurrency is traded by more than 11 million Indonesians. The Central Security Depository of Indonesia, as compared to portfolio investors’ numbers is 7.35 million in the year 2021.
There is still plenty of room for growth, as the 11 million cryptocurrency investors in Indonesia are only 4% of the total population. There are many local developments supporting the growth of the cryptocurrency community in Indonesia, such as main technology players adopting the platform, crypto trading ease of access, and government regulatory agencies’ support.
However, cryptocurrency assets are still not allowed as a payment tool, it is permitted as a trading commodity to buy and sell in Indonesia. BAPPEBTI which is the Commodities Future Trade Regulatory Agency under the Trade Ministry has been officially regulating and allowing crypto trading in Indonesia since 2019.
This government agency is also in charge of audit, documentation, and approving firms and commodities which are allowed for trading in Indonesia. In 2021 the whitelist of allowed cryptocurrency tokens reached up to 229 products, such as assets that are famous including Polkadot (DOT), Bitcoin (BTC), Cardano (ADA), and Ether (ETH).
These items are allowed depending on BAPPEBTI’s audit procedures, taking under consideration capitalization ranking of the market and security, background checking of system management of blockchain, verifiable roadmap metrics, and developer teams.
In its official announcement, the governing agency emphasizes its primary goal to protect the interests of cryptocurrency users of Indonesia and its legal security.
BAPPEBTI said that, with the help of new regulations which we have published, we are hoping that cryptocurrency exchanges and we would be able to work together in Indonesia for ensuring all cryptocurrency transactions regulate legally and safely for the Indonesian investors.