The move comes as the country shifts regulatory oversight from the Commodity Futures Trading Regulatory Agency (Bappebti) to the Financial Services Authority (FSA). In accordance with the reform, the Financial Sector Development and Reinforcement bill (P2SK) was ratified by the House of Representatives of Indonesia on December 15, becoming the primary legal reference in the financial service sector.
Indonesia's Crypto Transactions Value Falls by Half in 2022
In December 2022, the head of the Commodity Futures Trading Regulatory Agency of Indonesia (Bappebti), Did Noordiatmoko, revealed that the value of crypto transactions in the country fell by half in 2022, dropping from 859.4 trillion Indonesian rupiahs ($55 million) to 296.66 trillion ($19 million). Despite the decrease in activity, Indonesia has largely remained open to trading in digital assets, although it imposed a blanket ban on crypto payments starting in 2017.
Bank of Indonesia Governor Announces Release of Conceptual Design for Digital Rupiah
In December 2022, the Governor of the Bank of Indonesia, Perry Warjiyo, announced the release of the conceptual design for a digital rupiah. The digital currency will be the equivalent of the country's fiat currency and will be made available for public discussion. The announcement comes as Indonesia looks to reform its financial sector further and embrace the growing use of digital currencies.