Indonesian Authorities Say Yes to Crypto Futures Trading

News
Mon, 06/04/2018 - 12:22
Yuri Molchan
Indonesia’s regulator equals crypto to commodities and allows crypto-backed futures trade
Indonesian Authorities Say Yes to Crypto Futures Trading
Cover image via U.Today

The Market Supervision Chief of Indonesia’s Futures Exchange Supervisory Board (Bappebti) Dharma Yoga announces the decision after several months of the proper studying the matter.

The regulator has released an order to support the decision, Yoga says. This can, in theory, provide the conditions for BTC futures trade to take off in the country.

More news on the subject

However, there is more than just that. The head of Bappebti also mentioned that the country’s central bank will later announce other regulations for crypto exchanges and the new taxation measures around them.

Obviously, this seems natural– if the authorities allow trading crypto assets, they will also want their share of the pie in the form of taxes.

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Central bank’s view

In late 2017, the country’s Central Bank was going to ban local BTC payments, since it believes Bitcoin is no legal means of payment. Its reps said nothing about virtual trading platforms, however.

At the moment the country’s financial regulator is requesting that the home virtual currency exchanges send in their proposals for the upcoming legal measures.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.