Bitcoin is defined as a commodity because it is difficult to define it as a currency. According to the laws governing financial transactions, there is a need for a legislative authority that guarantees the issuing of currencies and the exchange of currency which is not available in BTC or other cryptos.
According to these laws, Bitcoin cannot be defined as a currency, because it exists and has a value known as a commodity.
I expect this concept to change if cryptocurrency is recognized "and regulated" by major governments or the G20.
Topic: Report: In Indonesia legal Bitcoin is based on commodities - page 2. (Read 351 times)
Based on the release issued by the Ministry of Commerce of the Republic of Indonesia through the State News, Indonesia positioned cryptocurrency as a commodity. This states that Indonesia allows cryptocurrency to circulate in the community. The Ministry of Trade of the Republic of Indonesia authorizes BAPPEBTI (Institute for Commodity Trading Supervision) similar to the SEC, to immediately issue rules relating to cryptocurrency trading. (if it has been published immediately updated).
Important note is that Indonesia refuses to use cryptocurrency as a payment transaction tool, based on law Number 7 of 2011 concerning Currency and Bank Indonesia rules Number 17/3/PBI/2015 concerning the Obligation to Use Rupiah in the Territory of the Republic of Indonesia.
While the rules for crowdfunding, Indonesia are regulated by the Financial Services Authority (OJK) through POJK.04/2018 regarding Equity Crowdfunding. Where all institutions that will conduct crowdfunding must have OJK permission and at a minimum the company must be a limited liability company (Perseroan Terbatas) or cooperative. This rule also limits the maximum value of the share offer of Rp. 10 billion (USD800 million).
Note: If there is a renewal, I will update it immediately.
Important note is that Indonesia refuses to use cryptocurrency as a payment transaction tool, based on law Number 7 of 2011 concerning Currency and Bank Indonesia rules Number 17/3/PBI/2015 concerning the Obligation to Use Rupiah in the Territory of the Republic of Indonesia.
While the rules for crowdfunding, Indonesia are regulated by the Financial Services Authority (OJK) through POJK.04/2018 regarding Equity Crowdfunding. Where all institutions that will conduct crowdfunding must have OJK permission and at a minimum the company must be a limited liability company (Perseroan Terbatas) or cooperative. This rule also limits the maximum value of the share offer of Rp. 10 billion (USD800 million).
Note: If there is a renewal, I will update it immediately.
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