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Bappebti rules on bitcoin are considered to give certainty to the market

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Bappebti rules on bitcoin are considered to give certainty to the market

Bappebti rules on bitcoin are considered to give certainty to the market

The issuance of the rules of the Regulatory Agency for Trading Commodity Futures (Bappebti) regarding transactions in virtual currency (cryptocurrency) such as Bitcoin is considered to have given certainty to the market for digital financial transactions .

For your information, Bappebti has published the regulation of the Commodity Futures Trade Regulatory Agency No. 3 of 2019 regarding products that may be subject to futures, Sharia derivative contracts and / or other derivative contracts traded on the Exchange.

Economic Affairs Minister Darmin Nasution said that the certainty meant that bitcoin transactions could only be traded in futures markets, and therefore could not be used in the payment system.

"The fact is that this is done on the futures market, not as a payment instrument.As an article, if you already want to buy it," Darmin said in his office Friday (2 of 15).

Nevertheless, Darmin was reluctant to project because of the potential of the Bitcoin trade and its impact on the economy. This is because Bitcoin trades are in futures markets, so they do not affect the entire macroeconomy.

"We are not mempotenskan, it's a futures market, not the government as a whole," he added.

Previously, CoFTRA had issued a Bitcoin settlement that was included in the products that could be traded on the futures exchange. The regulation has been signed since February 8, 2019.

In the rules of the game, tradable virtual currencies are those based on distributed ledger technology and in the form of asset-secured cryptocurrency. Then, the trading of cryptocurrency assets must get approval from CoFTRA if you want to be facilitated in the futures exchange.

Then, the exchange of futures contracts that will hold the physical market of cryptocurrency assets must have a minimum capital released of 1.5 trillion dinars and maintain a minimum minimum balance of 1.2 trillion dinars.

In the meantime, the physical trader in cryptocurrency assets and the Cryptocurrency Asset Storage Manager must provide a free initial capital fund of IDR 1 000 billion and a final capital balance of IDR 800 million.

To keep in mind, the term exchange must also have at least three employees holding a Certified Information Systems Security Professional (CISSP) certificate.

Previously, the Indonesian Bank (IB) opposed the presence of Bitcoin and other virtual currencies, as it was used as a means of payment. In fact, the payment instruments that can be used in the country are only rupees.
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