Indonesia Won’t Ban Cryptocurrencies like China, But Tighten Regulations

Fazzaco learned that Indonesia does not have a plan to follow the footsteps of China to prohibit cryptocurrencies​, but will step up efforts to intensify the regulations of the industry.

The statement was made by the country’s Minister of Trade Muhammad Luthfi, following the turnover of the local crypto exchanges were seen a drastic increase in the first half of this year. Specifically, transactions on 13 domestic crypto exchanges supervised by the Futures Exchange Supervisory Board have enjoyed a boom of 40% in the first five months of 2021. And last year, the trading volume raised to 65 trillion rupiah. Regarding individuals engaged in trading, the figure has exceeded 6.5 million in May, 2021, from 4 million at the end of last year.

According to the Indonesian official, the country’s government is seeking ways that make cryptocurrencies less inclined to be used in illicit financial activities.