Indonesia, the world's largest populated G20 country, has taken an important step in cryptocurrencies. Hundreds of cryptocurrencies have been accepted as legal trading instruments in Indonesia, but the new decision also has a very controversial aspect.
According to the news of CNBC Indonesia, the Commodity Futures Trade Regulatory Authority (CoFTRA), the institution that regulates the trading of securities in the country, has allowed the trading of digital assets and cryptocurrencies within the country. With the decision taken, more than 200 cryptocurrencies were approved and included in the list of legally accepted cryptocurrencies.
Famous Meme Coin Shiba Inu Fails To List In Indonesia
Cryptocurrencies approved for trading in Indonesia include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), XRP, Binance Coin (BNB), Polkadot (DOT), Chainlink (LINK), USD Coin (USDC), Solana There are coins like (SOL) and Cardano (ADA).
Still, there are some controversial issues in the decision. While 229 coins have successfully entered among the approved cryptocurrencies, according to reports, CoFTRA wants unapproved cryptocurrencies to be delisted for the safety of customers. For example, Dogecoin (DOGE) was given the green light. However, the Shiba Inu (SHIB) did not make it to this list.
Indonesia Considers A Series Of Data When Choosing A Cryptocurrency
CoFTRA looks at a range of data when deciding which cryptocurrencies it will allow Indonesians to trade, including the asset's market cap, its score on CoinMarketCap, and its own regulations. Other key factors include crypto's security, scalability, founding team, blockchain management, and whether there is a verifiable roadmap.
However, shortly before this decision, the Indonesian Financial Services Authority banned financial institutions from trading cryptocurrencies. In this respect, the new decision is a positive step. Because there are more than 7 million cryptocurrency users in Indonesia, which corresponds to more than two percent of the country's population.