Indonesian Trade Minister has clarified that the Government will not be replicating what China has done against crypto. Instead, there will not be any utter or even absolute ban upon the use of virtual currencies in Indonesia. However, the Government is more interested in making sure that crypto is not misused and abused as has been seen in other states.
There is this new trend on the horizon in Indonesia that involves the mass usage of virtual assets. The trend has been duly acknowledged and appreciated by the crypto exchanges doing virtual currency trading in the country. However, there was a rumor that the Indonesian Government is going to permanently ban the usage of virtual currencies. This really concerned the Indonesian crypto platforms whose business started to boom very recently.
Now the rumor has been totally denied by a key official from the Indonesian Government.
Muhammad Luthfi, who is the Trade Minister of Indonesia, confirmed Government’s perspective towards virtual assets in an interview. He told the local media that Indonesia is a sovereign state. The Government will not, in any case, replicate what the China has been doing with the virtual assets. Instead, the Government would want to facilitate every single person and entity associated with virtual asset industry. For this, the Government has a plan which will not curtail crypto usage in the country but instead will encourage more usage.
The Trade Minister commented that the Government is currently in the process of determining how it could develop a sound crypto market. He told the press that Government’s one pointer agenda is to eliminate the misuse and abuse of virtual assets. It will have to make sure that none in the country can use them for financial activities which are illegal. For this, the Government wants to regulate the industry in a manner that it continues to prosper while corporate responsibilities are met. Luthfi specifically stated that the Indonesia Government would never want to prohibit the use of virtual currencies utterly or absolutely. However, the space requires putting in place strict regulations particularly with regard to the usage of virtual assets.
The trade and usage of virtual assets is more or less legalized in Indonesia. Under the law, virtual currencies (including Dogecoin, Ethereum and Bitcoin) are classified as “commodities”. So the entire population of Indonesia is permitted to use virtual currencies without any prohibition.
Meanwhile, in China, the authorities have declared virtual currencies, except for the digital Yuan, as “illegal”. The only virtual currency available to Chinese consumers, for the time being, is the Chinese digital Yuan. Consumers in China have even been prohibited to own any virtual currencies outside China. On the other hand, crypto trading platforms of the world are also banning Chinese consumers and saying that they don’t want them.