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Unesa.ac.id, Surabaya- Lately, cryptocurrencies or krypton currencies have started to be discussed in the community. However, not all of them understand how the krypton system is and its position before the law and its impact in Indonesia.
For this reason, the Law Department Student Association, Faculty of Social Sciences and Law, UNESA and the Commodity Futures Trading Regulatory Agency (Bappebti) held a discussion on legal issues with the theme "Legality and Impact of Cryptocurrency in Indonesia", Tuesday (29/06/2021).
Head of Legislation and Enforcement Bureau, CoFTRA M. Syist, S.H., M.H. stated that cryptocrurrency is not a currency for payment instruments, but rather as a commodity asset traded on the Futures Exchange.
"Rupiah is a legal tender in Indonesia, while crypto assets are commodities that can be traded both conventionally and digitally, purely transactions between sellers and buyers," he said.
As a traded commodity asset, cryptocurrency in Indonesia has a legal basis, namely Law no. 10 of 2011, Government Regulation No. 49 of 2014, Minister of Trade Regulation No. 99 of 2018, CoFTRA Regulation No. 2 of 2019, CoFTRA Regulation No. 5 of 2019, and CoFTRA Regulation No. 7 of 2020.
Syist further stated that the purpose of regulating crypto asset trading is to provide legal certainty for traders, provide protection to crypto asset customers from loss, facilitate the growth and development of trading businesses and prevent the trading of crypto assets for illegal purposes such as terrorism financing and money laundering.
Similarly, Budi Hermono, S.H., M.H., UNESA Law Lecturer, said that crypto assets are a form of investment whose entire process will be regulated and supervised by CoFTRA (Commodity Futures Trading Supervisory Agency). Then he mentioned several types of crypto assets that can be traded in Indonesia, including Bitcoin, Ethereum, Tether, Bitcoin cash, Polkadot, Litecoin, Cosmos and so on.
Meanwhile, from an economic point of view, M. Abdul Ghofur, S.E., M.Pd., Lecturer at the Faculty of Economics and Business, Unesa said that the government's decision to legalize crypto assets was the right one. In addition to making it easier for people to increase their income, using Bitcoin can reduce dependence on dollars, be easier, and more efficient. Nevertheless, he appealed to the public to really understand the trading mechanism, and the risks that crypto assets would pose.
"The price of these crypto assets is very volatile and risky, in contrast to stocks that are affected by issues, cryptocurrencies can also be the other way around because the system is running. So if there is a lot of demand, the price can be high," he concluded. (meds)
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