According to the law Crypto money clearly cannot be used as a payment instrument in the jurisdiction of Indonesia. As set out in Law No. 7 of 2011 concerning currency which states that everyone is obliged to use and receive Rupiah in paper and metal as a legal payment instrument in Indonesia.
But can Crypto be considered a commodity or digital asset in Indonesia?
The answer is as follows:
As regulated in Law No.10 of 2011 concerning Amendments to Law no. 32 of 1997 concerning Commodity futures trading: Commodities are all goods, services, rights and other interests, and any derivatives of commodities, which can be traded and become the subject of futures contracts, Sharia derivative contracts and / or other derivative contracts.
