TEMPO.CO, Jakarta - Financial Service Authority (OJK) board of commissioner chairman Wimboh Santoso asserted that the financial industry is barred from actively participating in cryptocurrency transactions such as Bitcoin.

“Cryptocurrencies are not allowed, especially if it acts as a commodity,” said Wimboh at the Bank of Indonesia office complex on Monday, June 4.

He further elaborated that the ban corresponds to the existing regulations which blatantly mentions that cryptocurrencies are not considered to be a product of the financial services industry, which is why it is barred to be traded as a commodity.

Read: Bank Indonesia Claims Bitcoin Value Declined Significantly

Previously, Commodity Futures Trading Regulatory Agency (Bappebti) has officially named cryptocurrencies such as Bitcoin as a commodity subject that can be traded in a futures exchange. The Bappebti head of monitoring and development Dharma Yoga maintained that the decision was ratified under the agency’s official decree.

Responding to that, Wimboh said that his institution has not engaged in communication with the Bappebti, even though he firmly maintains that financial trade industries are bound by regulations that bar them from conducting trade with cryptocurrencies.

Bappebti have explored the possibility of trading cryptocurrencies for futures exchanges since January 2018 but was faced with Bank of Indonesia’s regulation that banned the use of cryptocurrencies as an official currency.

DIAS PRASONGKO