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Indonesian Regulators Look Bright On Crypto with Zipmex Now Trading

Indonesian Regulators Look Bright On Crypto with Zipmex Now Trading
  • The world of cryptocurrency has been expanding significantly over the past two years. 
  • Many new countries are experiencing and reaping the benefits of the nascent industry. 
  • However, the new technology hasn’t been widely accepted by everyone as people are still sceptical on digital assets.

The world of cryptocurrency has been expanding significantly over the past two years. Many new countries are experiencing and reaping the benefits of the nascent industry. However, the new technology hasn’t been widely accepted by everyone as people are still sceptical on digital assets. 

The central bank of Indonesia in 2017 didn’t see cryptocurrency as a legitimate instrument for payment and announced a ban on the use for it in that world. Despite this, it did not extend such a ban on trading with other blockchain-based assets.

Soon after such a ban was imposed on cryptocurrency in Indonesia, Jakarta allowed futures trading of cryptocurrencies. There is permission to do this which was granted after four months in review to provide hedging tools which would help safeguard consumers from the ever worrying volatility of cryptocurrency. In fact, the head of community futures trading the head of Commodity Futures Trading Supervisory Agency, Dharma Yoga previously said that cryptocurrency should be considered a commodity and should be given the green light to trade on futures exchanges.

It was announced by one of the biggest cryptocurrency firms in Indonesia, Indodax that it officially registered with the Commodity Futures Trading Supervisory Agency. At the time when the announcement was made on at the end of January, the CEO, Oscar Darmawan asked users to transact at exchanges that have been registered with the financial body.

The CFTC in Indonesia also gave bullish outlooks to the Singapore-based crypto platform Zipmex in that it could operate in a country under a specific ruling.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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