Indonesian Trade Minister: Cryptocurrency will not be banned but will be regulated more tightly

On September 26, Indonesian Trade Minister Muhammad Luthfi said that Indonesia will not completely ban cryptocurrencies, but will tighten regulations. The country is studying how to reduce the possibility of cryptocurrencies being used for illegal financial activities.

It is reported that cryptocurrency trading in Indonesia has developed rapidly in the past year and a half. In the first five months of 2021, the trading volume of 13 domestic exchanges authorized by the Futures Exchange Supervisory Committee increased by 40%.