Most basically, cryptocurrencies are digital assets that use computer code and blockchain technology to do something on their own, without the need for central institutions such as individuals, businesses, central banks, or governments. CNBC allows you to view trading data and after regular business hours, including charts with customizable timeframes, indicators and styles.
Indonesia`s Financial Services Authority (OJK) main function is to promote and organize an integrated system of management and supervision in all activities of the financial services sector. OJK warned on Tuesday that financial companies would not be allowed to offer and promote the sale of crypto assets while crypto trading is booming in Southeast Asia's largest economy.
“OJK strictly prohibits financial services institutions from using, marketing, and / or promoting crypto asset transactions,” regulators said in a statement posted on Instagram.
The value of crypto assets often fluctuates, warning that those who buy digital assets need to fully understand the risks.
“Beware of allegations of Ponzi scheme fraud in crypto investments,” she added without elaboration. The warning follows similar concerns from the central bank of Thailand.
Tradein crypto assets are surging in Indonesia, with a total of 2021 transactions reaching 859 trillion rupiahs ($59.83 billion), up from just 60 trillion rupiahs in 2020, media reported, citing trade ministry data.
Indonesia, a member of Technology Transfer and Exchange Network (D8tten), allows crypto assets to be sold on commodity exchanges, and transactions are overseen by the Ministry of Commerce and Industry and Commodity Futures Trading Regulators, not by OJK.
The Ministry is currently promoting the creation of a separate exchange for digital assets called the Digital Futures Exchange, which authorities say will begin in the first quarter.
Cryptocurrency is starting to be customary as price at many traders. Cryptocurrency price gateways act as transaction facilitators among traders and clients for processing payments. However, cryptocurrencies cannot be legally used for domestic payments.
