The crypto market is growing rapidly, Indonesian minister assures: "We will not follow China's footsteps in crackdown!"

In the first half of this year, cryptocurrency trading in Indonesia surged. The Minister of Trade, Muhammad Luthfi, stated that the Indonesian authorities do not intend to follow China in cracking down on cryptocurrencies, and ensure that regulations will only focus on preventing cryptocurrencies from being used for illegal activities.

Indonesian Trade Minister Muhammad Luthfi told local media that China has confirmed a ban on all cryptocurrency trading. The Indonesian government will not follow in China's footsteps, but is studying how to reduce the possibility of them being used for illegal financial activities.

Muhammad Luthfi said, "We are not banning, but we will tighten regulations."

Cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin are currently considered assets and commodities in Indonesia. Under current Indonesian law, residents of the Southeast Asian country can trade digital currencies but are not allowed to use them for payments.

Reportedly, cryptocurrency trading in Indonesia has flourished over the past year and a half. In the first 5 months of 2021, the trading volume of 13 domestic exchanges increased by 40%, and the number of people involved in trading in May exceeded 6.5 million, up from over 4 million at the end of last year.

Jay Jayawijayaningtiyas, manager of the Indonesian exchange Luno Indonesia, said, "The growth in Indonesia today is amazing, and crypto is thriving." They are confident in doubling or even tripling their customer base from the current 700,000 users.

This article is authorized for reprint from Horizon News Network