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Finance Minister calls for global policy on crypto assets
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Representations of virtual cryptocurrencies are placed on United States dollar banknotes in this illustration taken on Nov. 28, 2021.
(Reuters/Dado Ruvic)
Finance Minister Sri Mulyani Indrawati wants global policy standards for the regulation of crypto assets.
“Common standards between countries will increase transparency and accountability in the crypto industry, fostering user confidence," the finance minister wrote in a post on her Instagram account on Tuesday after attending the third Group of 20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Gandhinagar, India.
Regulations would address various challenges related to digital assets, she said, including issues of consumer protection, money laundering, terrorist financing and market manipulation.
Presently, rules on crypto assets, which are subject to rapid technological change, differ from one country to another.
According to the Trade Ministry’s futures exchange supervisory board (Bappebti), cryptocurrency may be traded in Indonesia but may not be used as a means of payment, since Bank Indonesia only recognizes the rupiah as legal currency for payments.
Read also: House approves OJK candidates for multifinance, crypto
Therefore, the finance minister emphasized the importance of establishing global standards for the regulation and supervision of crypto assets, based on the principle of “same activity, same risk, same regulation.”
