The Indonesian government wants to start a “crypto stock” market by the end of 2022; a minister told DealStreetAsia.
In Indonesia, the only currency that can be used is the Rupiah. Article 23B of the country’s constitution says that the law decides the country’s currency. The currency law passed in 2011 says that almost all financial transactions in Indonesia must be done in Rupiah, the only currency that can be used there. Only international transactions, things the government spends money on, and money saved in banks are not taxed.
People and businesses in Indonesia can only buy and sell cryptocurrencies if they are investing or buying those listed in the law. Still, the country’s central bank recently made it clear that cryptocurrencies are not a good way to pay. It is against the law for banks to help people pay with digital currencies like bitcoin.
The only thing about cryptocurrency that Indonesia knows is that it is a good that can be bought and sold. With the Ministry of Trade Regulation No. 99 of 2018, buying and selling digital assets became official and legal. The Indonesian Commodity Futures Trading Supervisory Authority, or Bappebti, has also said that Regulation No. 5 of 2019 will be released. This ensures that crypto-assets have a full legal framework for the future.
The Blockchain Association of Indonesia says that since 2020, the number of investors has grown by a factor of 280, from 1.5 million to 4.2 million, and the daily trading volume has reached 117.4 million USD. Check out Bitcoin 360 AI the greatest trading bot on the market, which is utilised by millions of investors.
Even though cryptocurrencies aren’t widely accepted as a form of payment yet, the Bappebti Regulations in Indonesia have made a lot of progress toward creating a full legal framework that will help the cryptocurrency industry in the country continue to grow.
Trading in cryptocurrencies is one of the best and most popular ways to invest right now. Triple-research More than 7.4 million people in Indonesia use cryptocurrencies, according to. Now, Indonesia has the eighth most people who use cryptocurrency. This is 75% more than what it was in 2020. Admiral Markets is a website that helps traders learn how to trade. Check it out if you want to learn more about how to trade cryptocurrencies.
Even though these numbers are already very impressive, they will likely go up a lot in the next few years. People thought that in June of 2021, there would be 272 million people living in Indonesia. They have the fourth most people in the world, according to the United Nations. Indonesia is home to about 3.5% of all the people in the world. Taking this into account, only 2.7% of the people who live in Indonesia have cryptocurrency.
Indonesia does well in the cryptocurrency business. This could be because the government of Indonesia has made it easier for cryptocurrencies and blockchains to grow in the country.
Tokens for exchange
Those with exchange tokens can use them to use the exchange’s services. You can participate in promotions and discounts on deposits and get your money out for free. In 2021, Tokocrypto came out for the first time. Since 2022, the Tokocrypto Toko Token’s value has increased by more than 1,000%.
In November, PINTU put out the Pintu Token, which can also be written as PTU. There are several places where you can buy and sell it right now. Lightspeed, Coinbase, and Pantera back the local cryptocurrency exchange, and it can now be traded on FTX, Bybit, and other platforms.
Regulations
Only exchanges with the right licenses can do these things in Indonesia. The government will pay more attention to how cryptocurrencies are regulated as the market for them and the number of people who use them grows. People are told to do business with companies and groups they can trust. They should learn about the risks and benefits of cryptocurrencies to make a good choice. For someone just starting in business, it could be a lot.
When it comes to cryptocurrencies, Indonesia is way ahead of a lot of other places. This kind of business will do well in the long run. Those who want to participate in this great project should do so immediately. Just as surprising as how big the numbers are is how fast the business grew. It would be a good idea to talk about this with people who know much about trading.
