Indonesia Not Lifting Bitcoin Ban – Ministry Confirms Possible Only On Futures Exchanges

Tabassum Regulation News Publish On February 15, 2019 | Modified On September 27, 2019

Darmin Nasution indonesia

Indonesia Not Lifting Bitcoin Ban – Ministry Confirms Possible Only On Futures Exchanges

Reported today, on Feb 15, 2019, the Chief Economic Minister for Economic Affairs, Darmin Nasution talks about Bitcoin usage within Indonesia. Mr.Darmin told CNBC Indonesia that Bitcoin and crypto ban imposed during 2017 won’t be lifted.

No Plans To lift Implicit Ban on Crypto – Indonesia

It’s been more than a year, Indonesia announced a ban on bitcoin and other altcoins. Following the ban, Bitcoin and other cryptocurrencies cannot be considered as a payment instrument in Indonesia. In a recent talk with Coordinating Minister for Economic Affairs, it has been revealed that the country is not lifting the ban anytime soon. The official announcement states that;

“Bitcoin, as long as it’s not money for payment instruments, let’s just do it. But for payment later. We just make paper money dizzy, you still want to talk about bitcoin?”

He further notes that the Government of Indonesia didn’t legalize Bitcoin, adding that he says, it was ‘only futures exchanges’. Moreover, Mr.Darmin explains that Bank Indonesia isn’t an optimistic player for Bitcoin – thus doesn’t regulate crypto money as a currency. He claimed that;

“Not the government as a whole. Bank Indonesia also does not regulate crypto money as a currency. That is what our futures exchange does is not as a means of payment. As goods are traded, if you want to buy, just buy it. “

It means that Bitcoin is considered as a commodity and can also be traded on Futures exchanges only and not in the country. However, Bitcoin trading on the futures exchange came into the picture when Bappebti (an Indonesian regulatory agency) issued regulation No. 5/2019 on crypto asset provisions on the futures exchanges. You can also buy it from online brokers like Olymp Trade.

As of now, cryptocurrency payments in Indonesia will remain illegitimate because lifting the implicit ban on Bitcoin is not the country’s priority at the moment.

Note – Information gathered from CNBC Indonesia source 

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