CRYPTOCURRENCY

Indonesia’s Stock Exchange Regulates Cryptocurrencies As Commodities

Cryptocurrency will soon become a commodity legally tradable on the stock exchange following the move by the Indonesian Trade Ministry’s Futures Exchange Supervisory Board (Bappebti) to sign a decree to make that possible.

Making Cryptocurrency legally tradable on the stock exchange

The head of Bappebti market supervision and development bureau, Dharma Yoga, has spoken in relation to the four month study they conducted on cryptocurrencies outlining that it was the reason the Future Exchange Supervisory Board considered the idea of crypto trading as a commodity.

According to him, the Indonesian government might soon be introducing a corresponding legislation on regulating taxation, currency exchange companies, as well as combating terrorism financing and money laundering.

A lot of people can’t establish a link as to why the Bank Indonesia (BI), which is the country’s central bank, hasn’t recognized cryptocurrencies as payment instruments. The last fall witnessed two Indonesian crypto exchanges closed down and that has been associated with the fact that the country hasn’t yet recognized crypto.

Latest developments

The largest Indonesian cryptocurrency exchange INDODAX might soon bypass the country’s oldest stock exchange in terms of the number of the associated users. Oscar Darmawan, the current Chief Executive Officer of INDODAX, says that by the time the year comes to a close there will be about I.5 million members buying and selling digital currencies like Ripple, Ethereum and Bitcoin. INDODAX was some time ago called Bitcoin.co.id.

It was in 2014 that this platform went live and so far it has managed to accumulate about 1.14 million users. This is in sharp contrast to Indonesia Stock Exchange, which provides exchange-traded funds, futures and stocks yet has only 1.18 million registered participants. This is according to information from the Indonesia Central Securities Depository. Darmawan stated that on a daily basis they were witnessing almost 3,000 new members sign up.

Tron (TRX) and its perfomance

It is now an official matter that Tron (TRX) has already been listed on Indodax exchange where it has been paired with Indonesian Rupiah. It was some time ago that the MainNet was unveiled. Little time has passed and now the token is apparently making inroads in new markets though it is doing that as an independent entity following its migration from the parent network of Ethereum.

Tron enthusiasts have been shocked by the speed with which the token has taken off eventually spreading its wings massively to Asia. Its fast movement through Indodax is a matter of great significance to the investor community.

The listing, according to an analyst makes Tron accessible through the largest Indonesian exchange not forgetting that the pairing TRX/Rp will move along way strengthening the token foothold within and beyond the borders of the country.

The listing hasn’t yet managed to push the token above $0.07 so far and the Tron community feels cheated on the realization that this token is suffering the similar fate to that of the other cryptocurrencies.

A large number of the crypto-enthusiasts are pleased on hearing the news that Indonesia intends to start regulating cryptocurrencies as commodities. The move follows a recent study that established that digital coins deserved the commodity status.

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