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Indonesian Government : Crypto Characters Similar to Stocks

Navigasi - Head of the Indonesian Capital Market Supervision Department 1A OJK, Luthfy Zain Fuady said, Commission XI of the DPR RI wants to put crypto assets under the supervision of the OJK.

Indonesian Government : Crypto Characters Similar to Stocks
Indonesian Government : Crypto Characters Similar to Stocks


"In the future, the Indonesian House of Representatives Commission XI wants crypto assets to be under the supervision of the OJK," said Luthfy at the Virtual Integrated Capital Market Socialization and Education in 2022, Friday (26/8/2022).

Luthfy said, crypto is divided into two categories, namely as a means of payment (cryptocurrency) or an investment tool.

"In terms of crypto, there are two types of crypto categorization, crypto as a means of payment or cryptocurrency or crypto as an investment tool," he said.

However, according to Bank Indonesia (BI), crypto is not a part of payment instruments.

"The payment instrument has a statement from Bank Indonesia, it is not part of the payment instrument," he said.

Then, he also said, this crypto is almost similar to stocks and bonds. This is because cryptocurrencies can be transacted, bought and sold, and even changed hands.

“Secondly, for cryptocurrencies that are for investment, these securities tokens sometimes have characters like stocks and bonds. He can be transacted, buying and selling, changing hands," he said.

In addition, Luthfy also emphasized that this cryptocurrency is one of the legal investment tools from the Ministry of Trade and its regulation is in CoFTRA.

“The regulation is not in OJK but in CoFTRA. Legal in the Ministry of Commerce. This is just a slight problem, what CoFTRA does is limited to trade monitoring. But the publication has not been monitored, the good or bad goods that are published are not yet known," he concluded.

Previously, the price of bitcoin and other top cryptocurrencies was observed to experience mixed movements on trading Friday, August 26, 2022. The majority of cryptocurrencies continued to strengthen, although not too significantly.

Based on data from Coinmarketcap, Friday (26/8/2022) morning, the crypto with the largest market capitalization, Bitcoin (BTC) gained 0.23 percent in the last 24 hours, but is still down 7.69 percent for the week.

Currently, the bitcoin price is at the level of USD 21,583 per coin or equivalent to Rp. 318.8 million million (assuming an exchange rate of Rp. 14,774 per US dollar).

Ethereum (ETH) is also still strong this morning. Over the past 24 hours, ETH is up 1.97 percent, but is still down 9.07 percent for the week. That way, ETH is currently at USD 1,700 per coin.

The next cryptocurrency, Binance coin (BNB) is still holding in the green zone. In the last 24 hours BNB slightly strengthened 1.61 percent. But still down 0.43 percent for the week. That makes BNB priced at USD 302.36 per coin.

Then Cardano also continued strengthening. In the last one day ADA slightly skyrocketed by 1.22 percent, but it is still corrected quite deeply, namely 11.56 percent a week. Thus, ADA is at USD 0.4685 per coin.

Meanwhile, Solana (SOL) had to fall back into the red zone. During the last one day, SOL fell 0.11 percent and 13.14 percent a week. Currently, the price of SOL is at the level of USD 35.57 per coin.

While XRP this morning is still strong. XRP is up 0.47 percent in the last 24 hours, but is still down 7.62 percent on the week. That way, XRP is now priced at USD 0.3495 per coin.

Stablecoin Tether (USDT) and USD coin (USDC), both strengthened 0.01 percent today. This makes the price of both still survive at the level of USD 1.00

Meanwhile, Binance USD (BUSD) strengthened 0.01 percent in the last 24 hours, bringing the price back to the level of USD1.00. As for the overall crypto market capitalization in 24 hours, it is still perched in the range of USD 1 trillion.
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