Bappebti to Present the Review of Bitcoin in Front of BI & OJK

Inforexnews

The Commodity Futures Trading Supervisory Agency (Bappebti) claims the review plan for the addition of crypto bitcoin currency in the list of futures contracts in Indonesia is nearing the final stage.

Head of Development and Market Development Bappebti Bureau Dharmayugo Hermansyah said the results of the study conducted since January 2018 will be presented to the relevant ministry in the second or third week of April 2018.

"The presentation was conducted by inviting the Ministry of Finance, Ministry of Communication and Information Technology, Bank Indonesia (BI), Financial Services Authority (OJK), and Financial Transaction Reports and Analysis Center (PPATK)," Dharmayugo told CNNIndonesia.com on Wednesday (28/3 ).

In his presentation, Bappebti will describe the results of the study related to the subject of bitcoin commodity, bitcoin transaction model, and bitcoin legality regulation. The entire study also involves business actors of Commodity Futures Trading (PBB).

Although the draft study is almost complete, Dharmayugo said it can not yet conclude if bitcoin deserves to be included in the list of futures contract subject in Indonesia. The body directly under the Ministry of Trade still needs input from various other Ministries / Institutions (K / L) in deciding the matter.

"Bappebti can not give a final opinion because the consultant team still has some records and it needs a hearing so that the perception is the same," said Dharmayugo.

In the process of bitcoin assessment, Bappebti also briefly attended the FIA's International Futures Industry Conference in Boca Raton, Florida on March 13-March 15, 2018 and related bitcoin.

In addition, Bappebti also held meetings with Commodity Futures Trading Commission (CFTC) and Chicago Mercantile Exchange (CME) on March 19, 2018. CFTC is a regulator that regulates the futures exchange in the United States (US), while CME is one of the futures exchanges in US.

"The results of the meeting in Boca Raton, bitcoin development became the world's attention and became an interesting trend of financial transactions for commodities," he said.

Meanwhile, Bappebti also gets information if bitcoin is considered a commodity in the US, so bitcoin trade is under the supervision of CFTC.

However, CFTC remains in coordination with the Securities and Exchange Commission (SEC). SEC can be regarded as the main institution or regulator for capital market in US.

"Although the bitcoin arrangement by CFTC, but their institutional (CFTC and SEC) still carry out coordination in terms of consumer protection and law enforcement," he added.

He further disclosed the meeting with CME to discuss the establishment of tight rules for bitcoin trade along with volatile bitcoin price movements.

"Rigid rules, especially in the fulfillment of trading margins," said Dharmayugo.