Read Сryptocurrency News

Indonesia: $70 Million Capital Requirement for Bitcoin Futures Sparks Anger

Indonesia: $70 Million Capital Requirement for Bitcoin Futures Sparks Anger
Copyright on text and image:
Cryptocurrency traders are unhappy with regulators in Indonesia after it emerged Bitcoin (BTC) brokers now needed over $70 million to launch futures trading. Local English-language news outlet Jakarta Post reported on the development on Feb. 14.

Following new regulations which came into effect last October, trading platforms wishing to offer cryptocurrency-based instruments can do so, while cryptocurrency use remains banned.

However, in a surprise addition to the final bill, those trading platforms are required to have 1 trillion rupiah ($71.17 million) minimum capital.

This, objectors note, dwarfs the equivalent capital needed to begin trading traditional commodities, which is 2.5 billion rupiah ($178,000).

The addition appeared last week, authored by the Commodity Futures Trading Regulatory Agency, also known as Bappebti.

According to Oscar Darmawan, CEO of local cryptocurrency exchange Indodax, the sums involved are even more than the cost of opening a rural bank. The regulations, he told Reuters, were effectively stifling industry growth, as no futures had launched since the tool was legalized.

Indonesia has shown a highly conservative approach to cryptocurrency in recent times. In June 2018, the country’s finance regulator greenlighted crypto trading as a commodity on Indonesia’s stock exchange.

A full block on Bitcoin use for payments from Indonesia’s central bank came in December 2017, weeks before the cryptocurrency hit its most recent all-time USD high of around $20,000.

This article was automatically published by our aggregator and may not contain important advanced information, such as links, images, user tweets and much more. Also, we inform you that the project IntoCryptoNews (ICN Aggregator) - is not the author of this article and may not support the author's opinion of the original article. We strongly recommend that you read the original article on the site:

Add comment


Latest Video News

Price Analysis from

Popular For The Week

latest Press Releases