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Jakarta Post

Bitcoin is commodity, not payment instrument: Bitcoin Indonesia

  • News Desk

    The Jakarta Post

Jakarta   /   Fri, February 9, 2018   /   09:15 pm
Bitcoin is commodity, not payment instrument: Bitcoin Indonesia Gold-plated souvenir bitcoin coins are arranged for a photograph in London on Nov. 20. Bitcoin uses peer-to-peer technology to operate, with no central authority or bank involved. (AFP/Justin Tallis)

Consultant from, or Bitcoin Indonesia, Nidya Rahmanita has said the company has run a marketplace business for the cryptocurrency and never declared bitcoin as a payment instrument.

“Since the beginning, we never treated bitcoin as a payment instrument because we hope that it would be recognized as a commodity,” Nidya said in Jakarta on Thursday on the sidelines of a discussion on illegal transactions with bitcoin and the government control authority.

She said Bitcoin Indonesia was still waiting for the regulation on bitcoins that is expected to be issued by Bank Indonesia and the Financial Service Authority. 

She denied that bitcoin transactions are totally uncontrollable or anonymous, saying that all members and users of could be tracked.

“We know the numbers of their bank accounts as well as their IP addresses. But because [Bitcoin] is unregulated, we cannot know who are the senders or recipients,” she said as reported by

Meanwhile, legal consultant for digital currency Robertus Ori Setianto said he disagreed that bitcoin should be treated as a payment instrument, but he did not reject it.

He, however, agreed that there should be regulations for bitcoin and cryptocurrencies. “Just let it be a toy. But, it should be regulated. We, however, have to think twice before treating it as a payment instrument,” he added.

Bank Indonesia had declared Bitcoin as an illegal payment and transaction instrument, but the Trade Ministry's Futures Exchange Supervisory Board (Bappebti) is considering it as an investment instrument. (bbn)