2 years ago
Indonesia’s Financial Services Authority (OJK) has prohibited fiscal firms from using, marketing, and/or facilitating crypto trading. The fiscal regulator besides cautioned the nationalist to ever beware of fraudulent Ponzi schemes nether the guise of crypto.
Indonesian Regulator’s Crypto Warning
Indonesia’s Financial Services Authority (OJK), the Jakarta-based authorities bureau which regulates the fiscal services sector, warned Tuesday that fiscal firms are not allowed to connection oregon facilitate income of crypto assets.
The informing was conveyed by the president of the OJK Board of Commissioners, Wimboh Santoso, connected the regulator’s authoritative Instagram account. The OJK was quoted by Reuters arsenic saying:
OJK has strictly prohibited fiscal work institutions from using, marketing, and/or facilitating crypto plus trading.
The regulator besides cautioned the nationalist erstwhile investing successful crypto assets. “Crypto assets themselves are a benignant of commodity that has fluctuations successful worth which tin spell up and down astatine immoderate time, truthful radical indispensable recognize the risks,” the OJK stated. However, cryptocurrencies cannot beryllium legally utilized for payments successful Indonesia.
In addition, the fiscal regulator reminded the nationalist to ever beware of fraudulent Ponzi schemes nether the guise of crypto. The OJK was further quoted arsenic saying:
Please beware of allegations of Ponzi strategy scams successful crypto investments.
The OJK explained that it does not supervise oregon modulate cryptocurrencies. The regularisation and supervision of crypto assets successful Indonesia are carried retired by the Commodity Futures Trading Authority (CoFTRA) and the Ministry of Trade.
The ministry is presently facilitating the acceptable up of a integer plus bourse, called the Digital Futures Exchange, which officials accidental volition beryllium launched successful the archetypal quarter.
According to crypto payments steadfast Triple A, it is estimated that implicit 7.2 cardinal people, oregon 2.66% of Indonesia’s full population, presently ain cryptocurrency. Moreover, information from the Ministry of Trade cited by the media amusement that crypto transactions reached 859 trillion rupiah ($59.83 billion) past year, a important summation from 60 trillion rupiah successful 2020.
What bash you deliberation astir the Indonesian regulator prohibiting fiscal firms from facilitating crypto trading? Let america cognize successful the comments conception below.
Kevin Helms
A pupil of Austrian Economics, Kevin recovered Bitcoin successful 2011 and has been an evangelist ever since. His interests prevarication successful Bitcoin security, open-source systems, web effects and the intersection betwixt economics and cryptography.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.
English (US) 