According to Bitcoin.com
Cryptocurrencies in Indonesia will be regarded as commodities, according to a new decision by the countrys futures market regulator. It comes after a study concluding that digital coins deserve the commodity status. The government is expected to prepare a broader regulation covering other aspects of the crypto sector including trading and taxation.
What do you think will happen to cryptocurrency now that Indonesia is legalizing the cryptocurrency in their country? Even though they have stated earlier this year that they are banning Bitcoin?
I think that it will serve as a positive news to cryptocurrency and might help to gain a lot of new investors. Because of the study that Futures Exchange Supervisory Board (Indonesia) conducted in the past four months, they have concluded that Cryptocurrency is a commodity. I think that it might serve as a sign to other countries to legalize Cryptocurrency in their countries.
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Source.
In Indonesia cryptocurrency is referred to as a commodity to restrict from using cryptocurrency as a legal means of payment because it can affect the exchange rate of the currency decreases. In addition to the bank system can also be able to adopt the way the blockchain to apply to the banking system.