Skip to main content

No crypto ban in Indonesia

 


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. 


Cryptoknowmics

Comments

Popular posts from this blog

Is celebrity support an added advantage to cryptocurrency growth?

  Celebrities are prominent figures in society. We admire them for their looks and get influenced by whatever brand they endorse. So can we say that their support for cryptocurrency is an added advantage? Well, up to an extent yes. Since they are public figures and rule the hearts of their fans, this indeed can be an added advantage in the growth of cryptocurrency.  But it is not completely true. The cryptocurrency rose to fame because of the unique features and advantages they provide to their users. First of all, they allow users to have the ownership of tier money which is not in the case of government-issued currencies. If you look at the whitepaper of Bitcoin framed by its founder Satoshi Nakamoto, then you will find that it restricts the interference of third parties and central authorities like banks and the government.  Cryptocurrency is now considered an investment asset by most crypto enthusiasts. Many people have become richer by it. Akshay Haldipur from India ...

Bitcoin Mining Pools See Huge Shuffle in Prior To Bitcoin Halving

Chinese Bitcoin mining giants, Poolin and f2pool have witnessed substantial growth in their daily BTC block reward in January 2020. The dominating mining pool, BTC.com has dropped in the reward earning. This is how the tables are turning, prior to the highly-anticipated third halving. In the last couple o f weeks, Bitcoin has gone through some wholesale changes in its mainstay metrics. Take into consideration the example of the Bitcoin hash rate, which recorded its new all-time high just recently , has now entered a declining phase. The dominance, which usually hovers around 70 %, has now fallen close to the 60% mark. A pivotal part would be played by these elements on the price prior to the Bitcoin halving. F2pool is recording the highest BTC block reward earnings when it comes to the known mining pools . Elias Simos, a senior research analyst at Decentral Park, tweeted : Elias Simos @eliasimos A lot of reshuffling in the $ BTC mining game sin...

Canadian Investment Firm 3iQ Files Prospectus for Bitcoin Fund

A Canadian Investment f irm 3iQ filed a prospectus for Bitcoin Funds with hopes to attract retail investors with a regulated digital asset fund. T he firm announced that it had filed a preliminary prospectus for a close-end Bitcoin fund; that it anticipates to unveil through the Toronto Stock Exchange later in the year . Fred Pye, the Chief Executive of the firm wrote :  : “We expect to list on the Toronto Stock Exchange in late December or early January. As a part of our next steps, we’re hoping to get Canada’s big banks on board. We’re hoping that two or three of Canada’s biggest banks, specifically ones that want to lead in fin-tech space, will join the syndicate group.” The Canadian investment funds manager revealed that they filed the Bitcoin fund prospectus regards to an Initial Public offering of both Class A and Class F units each at $10. Pye, a former senior vice president of Fidelity Investments -Canada; highlighted that retail investors have been s...