According to the government of Indonesia Cryptocurrencies in the country will be considered as commodities, this decision was taken by the country’s futures market regulator. According to the government officials, the decision came after a study concluding that digital coins deserve the commodity status. The government officials said that they will recognize digital cryptocurrency as a trading commodity in future, even after the anti-crypto stance of country’s central bank. And the government is expected to develop more regulations regarding all the aspects of the crypto industry including trading and taxation.

Opposition From Central Bank Indonesia

In recent past, there were many crackdowns for the mining of cryptocurrency, and the reluctance of Bank Indonesia to accept crypto as legitimate means of payment. Still, cryptocurrencies received recognition from the financial executives and Indonesia’s Future Exchange Supervisory Board (BAPPEBTI).

The Head of BAPPEBTI has signed a decree to make cryptocurrency a commodity that could be traded on the “bourse” (the Indonesian stock exchange),the decision was made after the board conducted a study on the matter in the last four months and concluded that cryptocurrencies deserved to be considered commodities. Dharma Yoga, Head of Future Exchange Supervisory Board

New Regulations From The Government

BAPPEBTI claimed that the government will be working on developing cryptocurrency-related regulations that would help financial authorities police, exchange platforms, tax investors and prevent money-laundering. According to the sources, new regulations will address the issues of taxation and prevention of money laundering and terrorism financing. and for this many other institutions will be involved in the preparation and the regulatory process including Bank Indonesia, the Financial Services Authority, the Taxation Directorate General, the Financial Transaction Reports and Analysis Centre, and the counterterrorism unit of the National Police.