Topic: Happy 77th Indonesian Independence Day - Cryptocurrency History and Regulation (Read 111 times)

Nothing is as important as celebrating an independence day with freedom throughly indeed in financial system, we atimes lay claims on what we are not, if we are to go by the preference of the people then we can all see that bitcoin adoption is their target, even though the government refused to see that, but everyone has taken it a personal responsibility to find a lasting solution in this through bitcoin in their finances and economic affairs, but we must also not neglect the benefits some countries had on bitcoin and how it legalizes the uses despite their failure for adoption, i think this is also another freedom indeed acquired.

I like independence be it political, economical or social because it give people the freedom to control their own destiny. And that's what Bitcoin stands for; freedom through decentralization. It also a good thing that the government of indonesia is becoming flexible towards Bitcoin and other cryptos. I am also expecting that in the nearest future Bitcoin would become a legal tender in your great country. I hope you are having a good time with family and friends because I am sure that today would be a public holiday. Happy independence to all my indonesian bitcoiners.   

Today is a historic day for the Indonesian people, August 17, 2022, is the independence day of the Indonesian nation. Indonesia currently has a new slogan, namely "Pulih Lebih Cepat Bangkit Lebih Kuat" (Recover Faster Rise Stronger) with the hope that the Indonesian nation will be able to survive in any conditions and survive stronger in the face of all kinds of obstacles. Indonesian independence is not only independence against the invaders, but independence has many meanings, one of which is economic independence.

Talking about the economy, here I will discuss the history & regulation of Cryptocurrency in Indonesia:

2013 - Cryptocurrencies enter the trading market with 3 Exchanges available to make bitcoin transactions like a system in a marketplace. Exchangers work as third parties by providing an OTC (Over the Counter) system which will be subject to 10 percent VAT and also a price split from the number of transactions made.

2017 - Type bitcoin price keeps going up and reached ATH of around $19,000 towards the end of 2017, bitcoin began to boom and was reported in various media so that many new investors entered bitcoin. Over time the price of bitcoin and several other cryptos continues to rise.

2018 - Bank Indonesia confirms the prohibition of using Virtual Currency as a legal means of payment because it is not in accordance with Law 7/2011 concerning Currencies. Referring to the Bank Indonesia regulation, the government through a press release on January 22, 2018 stated that there is one risk of owning and trading virtual currency that does not have a clear underlying asset underlying its value. potentially disrupt the stability of the financial system.

2019 - The first time the regulation of cryptocurrency currency was declared legal as a commodity asset in Indonesia based on the regulation of the Supervisory Agency Commodity Futures Trading (BAPPETI) Number 5 of 2019, which regulates the technical provisions for the implementation of the Crypto Asset Physical Market on the Futures Exchange.

2020 - BAPPETI issues another regulation regarding cryptocurrency transactions Number 7 of 2020 concerning how to determine crypto assets that can be traded in the physical market of crypto assets by listing 229 types of cryptocurrencies that are legal to trade in the Indonesian commodity market.

2021 - Based on data held by BAPPETI, the number of cryptocurrency investors in Indonesia reaches around 9.5 million investors. while the number of transactions in crypto assets by Indonesian investors reached IDR 478.5 trillion as of July 2021 and the average transaction for the Indonesian crypto market reached IDR 1.7 trillion per day.

2022 - BAPPETI issues new rules related to cryptocurrencies No. 11 of 2022, concerning new regulations that increase the number of crypto assets traded, which was initially 229 crypto assets in 2020 and has now increased to 383 crypto assets in 2022. This regulation can encourage increased security of crypto asset investors.

The essence of the new regulation is:
1. New technical guidelines on the valuation of crypto assets that are viable and legal to trade on the Indonesian market.
2. Prohibit exchanges from trading crypto that is outside of registered legal crypto assets.
3. Provide sanctions for exchanges that violate this new regulation and which parties are part of the team to assess the legality status of Indonesian crypto assets.
4. Carry out a review of the legality status at least once a year and revoke crypto assets currently on the Indonesian exchange.

Source:
https://zipmex.com/id/learn/sejarah-cryptocurrency-lika-liku-aset-kripto/
https://kompaspedia.kompas.id/baca/paparan-topik/mata-uang-kripto-dari-sejarah-awal-hingga-regulasi-di-indonesia
https://katadata.co.id/desysetyowati/digital/62f5f1c538b5a/ada-aturan-baru-kripto-transaksi-bitcoin-cs-diramal-melonjak-di-ri