Bappebti, the commodities market regulator of Indonesia, has reportedly ruled that cryptocurrencies should be classed as commodities and can be traded on the country’s futures exchange. After a four-month study conducted by the agency, the Jarkata Post reported on Monday that the agency’s market supervisor chief Dharma Yoga had confirmed the decision.
According to the report, the Futures Exchange Supervisory Board (Bappebti) signed a decree formalizing the decision. This means that bitcoin futures can be legally launched in the country. The Futures Exchange Supervisory Board is a division of the Ministry of Trade department and other ministries in the country—namely the Central Bank and the taxation departments—are scheduled to release their views on the treatment of cryptocurrencies.
Last year, the Bank of Indonesia suggested that bitcoin and cryptocurrencies should be prohibited and because of this, the agency refused to recognize cryptocurrency as legal tender. Commenting on this, Dharma noted that multiple departments have reached out to various cryptocurrency exchanges in order to build an effective regulatory framework, and that they are expected to submit regulatory proposals soon.