Digital currency (cryptocurrency) can now be traded in Indonesia after the Commodity Futures Exchange Trading Supervisory Agency includes it in the commodity group.
This legal certainty was found after the Indonesian Commodity Futures Trading Regulatory Agency issued regulation No. 5 of 2019 concerning technical provisions for the implementation of crypto assets on the futures exchange. This rule was signed on February 8, 2019.
In this regulation, it is explained that digital currencies that can be traded on the Indonesian Futures Exchange must be based on distributed ledger technology and in the form of an authentic crypto utility or crypto-backed assets.
The market capitalization value is in the top 500 of the market share of crypto assets (coinmarketcap) for crypto assets and is included in the world's largest crypto asset transaction.https://www.cnbcindonesia.com/fintech/20190214104924-37-55466/Although this is good news, many Bitcoin Cs investors and traders still suffer losses because the price has dropped and has not shown any price improvements.
Quoting Coinbase, until 11:59 WIB, the price of Bitcoin was in the range of US $ 3,581.44 per coin, equivalent to Rp. 50.5 million, down 0.38%. The price of Ethereum is Rp 1.73 million (US $ 122.7) or up 1.10%. Litecoin price is US $ 41.32 per coin (Rp. 583 thousand) or dropped 5.22%.
The price of cryptocurrency, especially Bitcoin, indeed tends to weaken after experiencing a significant increase in 2017. At that time, the price of Bitcoin rose from US $ 1,000 per coin to close to US $ 20,000 per coin.
This declining price trend has made many companies related to Bitcoin Cs reduce employees. Even some miners stopped mining Bitcoin because they lost money.
If the downward trend in the market continues, "said JP Morgan analyst and Managing Director Jan Loeys in a note to clients as quoted by CNBC International, Monday (1/28/2019).
"We have long been skeptical of the value of cryptocurrency except in dystopic conditions which are marked by a loss of investor confidence in all major reserve assets," explained Jan Loeys.
JPMorgan's skepticism in the most popular digital currencies is because Bitcoin has the potential of a bubble like what happened in the technology sector stocks in the 1990s.
https://www.cnbcindonesia.com/fintech/20190211172322-37-54870/
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