CoFTRA Will Release Bitcoin Trading Rules

[vaniosetiawan]

Commodity Futures Trading Supervisory Agency (Bappebti) immediately released the rules for trading bitcoin crypto currency as a commodity product. So far, based on the results of studies conducted with the University of Indonesia (UI), this may be done and not violate the Law on Futures Trading. “It’s been conical that we can manage bitcoin after the Futures Law,” said Head of CoFTRA Bachrul Chairi,

Although at present the results of the study still need a little revision, but he is optimistic that in the near future Bappebti will soon release rules related to bitcoin trading as a commodity. Bitcoin can be traded like a gold trade.

However, Bachrul asserted, bitcoin still cannot be used as a payment instrument. According to him, crypto currencies do need to be regulated to provide protection to consumers. When a fraud occurs the consumer can report the matter to the supervisory agency. In terms of taxes, this arrangement will also make it more transparent. Most importantly, with bitcoin supervision can prevent money laundering in the country. “Moreover, the value of bitcoin transactions in Indonesia has reached Rp 1 trillion in a day,” he said. Although quite optimistic, Bachrul could not confirm when bitcoin trading as a commodity would be launched. CoFTRA also did not specify what the trading pattern was. According to Bachrul, currently, his party is still formulating more detailed rules regarding trade arrangements, bitcoin providers including their storage.

[jangan]

yeah, i think Indonesia has started to open itself to bitcoin.
this is very good news for its citizens.

if the Indonesian government gives attention to bitcoin it is not impossible that Indonesia will accept bitcoin, like other countries.

but, it will be very difficult to oversee all bitcoin users with the state of technology that Indonesia has today.

we know that Indonesia is a developing country, and their technology is still not as sophisticated as other developed countries. Will Indonesia really be able to oversee every movement of Bitcoiner?