It seems Indonesia does not want to follow in the footsteps of China in curbing the use of digital currencies. Straightaway, there will be no crypto ban. According to an official from the Indonesian government, the country won’t be banning cryptocurrencies, but will also ensure that they must not be misused for unlawful activities. The statement came following a rise in the turnover recorded by local crypto exchanges in 2021.
No crypto prohibition in Indonesia, but regulations would be strict
Unlike China, there will be no ban on digital currencies in Indonesia. Muhammad Luthfi, the Minister of Trade made a special emphasis on it in his comments to local media. He also added that the government is also concerned about their judicial use, and making them less prone to illegal monetary motives like money laundering.
In one line he cleared about no crypto prohibition but regulations would be tighter.
Some of the top digital currencies like BTC, ETH, and DOGE are classified as assets and commodities in Indonesia. Their legal status lets Southeast Asian nations residents practice trading in these top cryptocurrencies, but not for payment purposes since it is not allowed.
So at least Indonesia has set one more example of a crypto-friendly nation with tight regulations. Follow Cryptoknowmics to explore UOS coin price prediction for 2021 and further years.
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