The Indonesia Futures Exchange Supervisory Agency (Bappebti), commodity market regulator under the country’s Trade Ministry, has reported that cryptocurrency is a commodity that can be traded on the country’s futures exchanges.
According to the JarkataPost report on Monday, the agency’s market supervisory chief, Dharma Yoga, has confirmed the decision and said the decision came after a four-month study period examining the issue.
According to Yoga, the agency has now signed a decision to formalize the decision, potentially paving the way for the launch of bitcoin futures products in Indonesia.
Meanwhile, other regulations surrounding currency exchange and related taxation in the country will also be disclosed by the country’s central bank and its tax agent, Yoga said.
The central bank, Bank Indonesia, suggested late last year that it would ban bitcoin payments in the country, and then declared it does not recognize cryptocurrency as a legal payment method. However, it does not mention the exchange of cryptocurrency at the time.
Yoga further demonstrates that, in order to prepare a comprehensive regulatory framework, the agency now asks for domestic crypto exchange currencies to submit regulatory proposals.