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Cryptocurrency Use in Indonesia: Challenges and Regulations

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Challenges of Cryptocurrency Regulation in Indonesia

Indonesia’s efforts to regulate cryptocurrency use have been hindered by several challenges.

• Difficulty in Tracking Transactions: Cryptocurrency transactions can be difficult to track due to the use of coin mixers, which obscure the origin and destination of transactions.
• Lack of Clear Regulations: The lack of specific regulations governing cryptocurrencies and coin mixers makes it challenging for law enforcement to implement anti-money laundering measures.

Current Regulations in Indonesia

Despite these challenges, Indonesia has taken steps to regulate cryptocurrency use and combat money laundering.

• The “Travel Rule”: Indonesia has adopted the “Travel Rule,” which requires virtual asset service providers to send sender and recipient information to authorized parties when conducting cryptocurrency transactions worth over USD 1000.
• BAPPEBTI Regulation Number 8 of 2021: The BAPPEBTI Regulation Number 8 of 2021 regulates the provision of information by virtual asset service providers.

Limitations of Current Regulations

While regulations are in place, there are still limitations that need to be addressed.

• Lack of Clarity: Current regulations are limited, and provisions regarding the provision of information were initially only regulated in general terms.
• Unclear Legal Basis for Regulating Coin Mixers: The lack of clear legal basis for regulating coin mixers makes it challenging to implement law enforcement on this matter.

Security Concerns

Cryptocurrency use has also been plagued by security concerns, including incidents such as the Mt.Gox hack in 2014.

• Inability to Fulfill Payment System Security Requirements: Cryptocurrency is considered incapable of fulfilling the security system in payment systems in Indonesia due to past incidents of fraud and theft.