Indonesia's Crypto Assets Transactions Reach IDR 370 Trillion in 2021, Govt Says



Mahinda Arkyasa

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  • TEMPO.CO, Jakarta - Trade Minister Muhammad Lutfi urged people to study the intricacies of crypto asset trade before practicing crypto trade. The announcement came after the Ministry recorded IDR 370 trillion crypto assets transactions as of May. 

    As quoted by Antaranews, the Minister believed that having a good comprehension of the issue will prevent people from experiencing unnecessary losses due to the dynamics of the crypto asset, especially considering it's rising popularity. 

    "We are at a crossroad, a disruption that is unavoidable. We must [be educated] about what to do before transacting," Minister Lutfi wrote in a statement on Friday, June 18, 2021.

    Lutfi explained that crypto assets will continue to rise in popularity along with growing transaction values. In 2020, there were 4 million Indonesians conducting crypto assets transaction that reaches up to IDR 65 trillion. Meanwhile as of May 2021, the number increases to 6.5 million people with a total transaction value of IDR 370 trillion.

    "The Trade Ministry must manage this well. We will use the sandbox policy and improve the regulations as we go along to ensure the safety and confidentiality of the transactions," Minister Lutfi wrote. 

    The Indonesian government has issued the Trade Ministry Regulation No.99/2018 on the General Policy for the Implementation of Crypto Asset Futures Trading and the Commodity Futures Trading Regulatory Agency (BAPPEBTI) head Regulation No.5/2019 on the Technical Provisions for the Operation of Crypto Assets.