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VISTORBELITUNG.COM,The question regarding the legality of Bitcoin and other crypto assets in Indonesia often arises as their popularity increases. The legal status of Bitcoin in Indonesia can be seen as two-sided: it is recognized as a commodity for trading, but prohibited as a means of payment.
Here is a complete explanation of the legality of Bitcoin in the country:
1. Prohibited as a Legal Tender
The most crucial point to understand is the stance of the Bank of Indonesia (BI) on the use of Bitcoin and other crypto assets as a transactional or payment tool.
Not Legal Currency: Based on Law Number 7 of 2011 on Currency, the only legal currency that must be used for transactions in Indonesia is the Rupiah.
Bank Indonesia’s Stance: Bank Indonesia explicitly states that Bitcoin and other cryptocurrencies are not legal tender in Indonesia. The use of crypto assets as a means of payment is subject to sanctions under the prevailing laws.
Therefore, even if you own Bitcoin, you are not allowed to use it directly to buy goods or services in stores, marketplaces, or other services in Indonesia.
2. Recognized and Regulated as a Tradable Commodity or Asset
Despite being prohibited as a currency, Bitcoin and other crypto assets are recognized and regulated as a Commodity or Crypto Asset that can be traded.
BAPPEBTI Regulation: The Commodity Futures Trading Regulatory Agency (BAPPEBTI) under the Ministry of Trade was the initial authority regulating the trading of crypto assets. This regulation, outlined in the Minister of Trade Regulations and BAPPEBTI Regulations, essentially stipulates that crypto assets are a legal commodity to be traded in the futures physical market.
Legal Trading: This means that the Indonesian public is legally permitted to buy and sell (invest in) Bitcoin through platforms (exchanges) that are officially registered and licensed by BAPPEBTI. A specific list of crypto assets (including Bitcoin) is authorized for trading in Indonesia.
New Supervision by OJK: Since the enactment of Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (UU P2SK), the supervision of crypto assets is being gradually transferred from BAPPEBTI to the Financial Services Authority (OJK). This transition aims to strengthen the regulation and oversight of the digital financial sector, including crypto assets, as investment assets.
Conclusion: The "Official" Status of Bitcoin in Indonesia
To answer the question, "Is Bitcoin official in Indonesia?," the answer is:
• Bitcoin is NOT official as a currency or means of payment.
• Bitcoin IS official as a commodity or investment asset that is legal to trade, provided that transactions are conducted through officially licensed Crypto Asset Physical Traders (PFAK) in Indonesia (supervised by OJK/BAPPEBTI during the transition period).
With this regulation in place, investors in Indonesia gain legal certainty and consumer protection because the trading platforms they use are overseen by official authorities.
Key Points for Investors
If you are interested in investing in Bitcoin in Indonesia, always ensure you:
Trade on Official Platforms: Use exchanges that are registered and licensed by the regulator (currently BAPPEBTI, transitioning to OJK).
Understand the Risks: Although legal as an asset, Bitcoin is a highly volatile asset. Always conduct thorough research before investing.
By understanding the difference between Bitcoin as a means of payment and as a trading commodity, you can interact with this digital asset within the legal framework applicable in Indonesia.