Indonesia’s Crypto Market Makes History? XRP Getting Official Tradable Status
Indonesia’s crypto market now officially recognizes Ripple’s native token, XRP, as one of the 501 digital assets that have been granted tradable status by the government.
Key Points
- XRP, the native token of Ripple, has been given an official tradable status by the Indonesian government.
- This decision adds XRP to a list of 501 other digital assets.
- By utilizing Ripple’s software, xCurrent, banks can now provide innovative cross-border payment services.
Indonesia has taken another significant stride towards crypto adoption. Recently, the government of Indonesia added a comprehensive list of 501 tradable digital assets, and among them is Ripple’s native token, XRP. This latest development grants XRP and other listed tokens the license to be traded in the Indonesian market.
The move signals the government’s commitment to embrace the digital economy and indicates the growing popularity of cryptocurrencies in the country. It remains to be seen how the addition of XRP to the list will impact the crypto scene in Indonesia, but it is undoubtedly a positive step towards fostering a more robust and vibrant crypto market in the country.
Indonesian Going Crypto
In a promising move towards crypto adoption, the Indonesian government has revised its “Trade Controlling Agency Regulations Commodity Futures Number 11” of 2022. This regulatory document has been updated and is now known as the “Supervisory Body Regulatory Commodity Futures Trading Number 4 of 2023”. The new regulations have given legal recognition to a list of crypto tokens that are now approved for trading in the country’s crypto assets market. This is definitely a noteworthy development as it marks a significant shift in the government’s stance towards cryptocurrencies.
According to Wu Blockchain’s official Twitter page, the list of tradable tokens includes almost all assets that have been classified as securities by the United States Securities and Exchange Commission. This includes popular tokens such as XRP, ADA, ETH, BTC, SOL, DOT, UNI, SAND, and many others.
The Indonesian government has released a list of tradable cryptocurrencies, including BTC, ETH, LTC, SOL, ADA, XRP, DOT, SAND, UNI etc., a total of 501 cryptocurrencies, covering almost all tokens recognized as securities by the US SEC. https://t.co/iVObrH1aXx
— Wu Blockchain (@WuBlockchain) June 18, 2023
With this update, Indonesia has taken a major step towards embracing the digital future of finance and is sure to attract more investors and traders into its burgeoning crypto market.
Reaction for this Decision
Indonesia’s recent regulatory updates have stirred up a commotion in the crypto space, with varying reactions from individuals. A popular YouTuber in Indonesia expressed optimism for XRP, stating that the country has exhibited a favorable attitude toward the cryptocurrency by classifying it as a commodity.
Our country Indonesia 🇮🇩 is a crypto-friendly country.
Our country currently only allows crypto as a commodity, it may be allowed as a means of payment in the coming years.🔥🚀
— Crypto Daily – Indonesia (@cryptodailyid) June 18, 2023
The YouTuber believes that XRP could potentially become a payment option in the future. However, not everyone shares the same sentiment. One Twitter user by the name of Pondok Indah is skeptical of the government’s involvement in the crypto industry. Indah cautioned against the authorities diverting their attention from regulatory oversight and taxation to the crypto business.
Meanwhile, a crypto enthusiast named Cryptoprenuers expressed dissatisfaction with the recent classification of XRP as a security in the US. The Twitter user drew attention to the differences in regulatory measures across different jurisdictions around the world. Cryptoprenuers criticized the US for being the only country to classify XRP as a security, calling it “corruption.”
Indonesia’s Crypto Market
Indonesia, home to a whopping 270 million people, is witnessing a remarkable growth in its crypto industry. The country has emerged as a significant player in the crypto space, with a staggering 11.2 million registered crypto investors in 2021.
This impressive feat has earned Indonesia the 20th spot out of 146 nations on the Cryptocurrency Adoption Index for 2022, according to Statista data.The country’s largest crypto exchange, Indodax, has recently listed Floki Inu (FLOKI), that has further cemented Indonesia’s growing cryptocurrency adoption.
End Note
Indonesia’s push to update its crypto regulations is poised to attract even more positive exposure in the digital asset world for investors. Additionally, the extension of its tradable tokens, such as XRP and others, under the watchful eye of the SEC may entice numerous firms to consider Indonesia for their future ventures. It’s exciting times for the crypto market in Indonesia, and one can only anticipate more growth in the near future.
