It seems that the ban of cryptocurrencies on a country’s territory is not an obstacle to think using it otherwise. We are talking about Indonesia. Even if the country made the usage of digital currencies illegal, the government is still searching for a solution to adopt it in a new way.
The Trade Ministry’s Futures Exchange Supervisory Board claimed that cryptocurrencies can be used as an investment in Indonesian economy.
Mr. Bachrul Chairi reported on Tuesday 2018 for a local media that “Using Bitcoin as a payment instrument is prohibited, but how about using it as an investment instrument? Is this allowed or not”, replied Kompas.com.
We want to remember that Indonesia has strict rules relating the existing currencies on their territory. The Act No. 7/2011 on the Currency claims this: “currency shall be money of which issued by the Republic of Indonesia and every transaction that has the purpose of payment, or other obligations which need to be fulfilled with money, or other financial transactions conducted within the territory of the Republic of Indonesia, has to be fulfilled with Rupiah”.
On Tuesday, 23 January 2018, Agus Wartowardojo- The Governor of Indonesia Bank expressed his opinion in a public conference, saying that using Bitcoin as an investment would contradict the Law of Currency mentioned above. Also, he assured that will take care to prevent such investments in country’s economy.
Note that Mr. Bachrul Chairi hasn’t started yet to test strategies of the new possible usage of cryptocurrencies. The period when he wants to investigate this opportunity is still uncertain. However, The Ministry of Trade sees a high potential of Bitcoin currency used in real trading activities.
In another discussion, The Finance Ministry of Indonesia- Sri Mulyani Indrawati rebelled by saying that “No regulation in the country prohibited its citizens from investing in the cryptocurrency. It is up to the people to use Bitcoin as an investment instrument”, related TheJakartaPost.
Do you think that the Ministry of Trade will study this opportunity against the country’s laws?