Indonesia is warming up to the thought of Bitcoin regulation, following the recent developments in global bitcoin ecosystem. Some of the breakthroughs for the digital currency in recent days includes the latest announcement by the Japanese government to include bitcoin into the list of legal tenders in the country. by doing so, Japan has become the first country in the world to recognize bitcoin as any other currency.
The number of tech startups exploring the digital currency sector is on the rise. However, the lack of clarity when it comes to regulations or the presence of conflicting regulations have made it hard for these companies to innovate and implement their solutions. It is the same story in Indonesia as well, which has no dearth of highly skilled developers in the country, but lacks an established regulatory framework of the digital currency.
According to reports in the Indonesian Media, people are now raising their voices, seeking the government to legalize the use of bitcoin in the nation. Some have put forth a strong argument, supporting the legalization of digital currency as well. Parallels have been drawn between the countries like Luxembourg, Japan, United Kingdom and New York, with pretty clear regulations. In addition, many leading tech firms are also working on the bitcoin sector.
In a statement on Okezone, Anthony Leong, a Digital Marketing specialist says that it is high time for the government to legalize bitcoin and support its adoption. Once the digital currency is approved as a legal tender, more and more people will start using it. this will not only help in the development of the country’s economy but also expands the bitcoin community.
The Indonesian Digital Association may be able to help the country’s digital currency community by lobbying for the legalization of digital currency with the Indonesian Government and software companies.
The current developments in Indonesia may force the government to consider the possibility of legalizing Bitcoin. But whether it will happen for good or bad is not known.