OJK Bans Financial Institutions Bitcoin Trade Facilitation

[cekblack]

The Financial Services Authority (OJK) affirms to financial institutions not to facilitate or use digital money or cryptocurrency, such as bitcoin in transactions. Prohibition of using cryptocurrency is regulated in Act of Republic of Indonesia number 7 of 2011 concerning currency which only permit rupiah as a valid payment instrument.

Chairman of OJK, Wimboh Santoso explained, digital currency transaction activities, not included in the duties and functions for financial institutions, especially banks.

"Banks should not trade commodities, the rules are clear of the provision of credit and other banking services,"

If there are financial institutions that violate, he confessed, OJK will not hesitate to give sanctions. However, Wimboh did not specify the exact form of sanctions to be granted.

"Yes if it breaks (given sanctions) .Now the rules are clear," said Wimboh.

Although OJK expressly prohibits bitcoin transactions, the Commodity Futures Trading Supervisory Agency (Bappebti) intends to conduct a review to include bitcoin products in the list of futures contracts in Indonesia.

Head of Development and Market Development Bappebti Bureau Dharmayugo Hermansyah said the study was conducted to find out how much bitcoin market share in Indonesia. In addition, this study was conducted to minimize the potential for fraud which is vulnerable in bitcoin transactions in Indonesia. Moreover, there is no regulation to protect bitcoin investors in the country.

Nevertheless, Bappebti can not confirm whether bitcoin and other digital money will be traded through futures exchange after this study is completed. The reason, Bappebti can not force the futures exchange to add investment products.

"Depending on the stock market is interested or not, although we say good for futures contract but futures exchange does not want, yes still can not," said Dharmayugo.

Responding to Bappebti's wishes, Wimboh was reluctant to respond, realizing Bappebti was not under the authority of OJK.

"But if the financial institutions have to report to us," added Wimboh.

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Comments

[krguidedog]

Woff, woff!

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Tips:

• If you're not comfortable to write in Korean, I highly recommend you write your post in English rather than using Google Translate.
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I sincerely hope that you enjoy Steemit without getting downvotes. Because Steemit is a wonderful place. See? Korean Steemians are kind enough to raise a guide dog(that's me) to help you!

Woff, woff! 🐶

[hyunlee1999]

kr-guide!