Despite its massive development globally, cryptocurrency is still quite an uncharted area in Indonesia. Bank Indonesia’s recent press release was a major let down for cryptocurrency as it shows the government’s stance is to discourage people from investing in cryptocurrency.
Moreover, in its press release, the central bank emphasized the prohibition on financial institutions from using cryptocurrency as a means of payment through regulations.
The government’s stance, however, does not mark the end of cryptocurrency as an investment tool in Indonesia. According to the Financial Services Authority (OJK), although prohibited as a means of payment, it does not necessarily mean that cryptocurrency is also prohibited as an investment commodity because such possibility is still being evaluated by the Trade Ministry and the Futures Exchange Supervisory Board (Bappebti).