Indonesia to impose 0.1% crypto tax starting in May: Report
The government is still reportedly considering how to implement crypto taxes, but legislation passed in response to the pandemic laid the groundwork. The Indonesian government is reportedly planning to charge a 0.1% capital gains tax on crypto investments as well as a value-added tax, or VAT, on digital asset transactions starting from May 1.According to a Friday Reuters report, Hestu Yoga Saksama, a spokesperson for Indonesia’s tax office, said the country will be imposing “income tax and VAT” on crypto assets “because they are a commodity as defined by the Trade Ministry” and “not a....
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In a public statement, the Bank of Indonesia warned against the risks of using bitcoin and emphasized that it is not currency or a legal payment tool. The bank added that any risks incurred with owning digital currencies should be shouldered by its owners. Prior to this, the governor of the Bank of Indonesia already said that using bitcoin breaks a number of the country's laws. The latest statement doesn't necessarily ban its use but contains strongly-worded statements against the cryptocurrency. Bitcoin in Indonesia. While other countries that formerly had a skeptical stance on bitcoin....
Indonesia saw a massive 1,772% increase in the number of people engaging with articles about crypto, a new survey claims. Amid the ongoing growth in cryptocurrency adoption worldwide, countries like Indonesia and Chile have seen a significant influx of public interest in cryptocurrencies like Bitcoin (BTC), according to new data.According to an Oct. 15 report by Australian blockchain education startup Coinformant, Indonesia has been leading the world in crypto interest dynamics in 2021.The fastest growing crypto hotspots. Source: CoinformantIn Coinformant’s report, Indonesia achieved the....
The Indonesian market is experiencing a rise in the number of bitcoin transactions even though the digital currency has no legal status in the country, according to a report from the Jakarta Post. In 2014, Bank Indonesia, the Indonesian central bank, released a statement declaring that bitcoin was not legally recognized as money or legal tender. Yet, despite this, that doesn’t seem to have put people off from using the digital currency as a form of payment. The report from the Jakarta Post states that the number of bitcoin users in Indonesia has risen from 80,000 up to 250,000, with a....
Authorities in Indonesia do not intend to follow China’s example of imposing an outright ban on cryptocurrencies, a government official said, noting the country will limit itself to ensuring they are not used in illegal activities. The statement comes after local crypto exchanges registered a serious increase in turnover this year. Indonesia to Tighten Regulations Without Prohibiting Crypto Transactions The Indonesian government will not follow in the footsteps of China, which has confirmed a ban on all cryptocurrency transactions, the country’s Minister of Trade Muhammad....
The deputy governor of Indonesia's central bank has said using bitcoin breaks a number of the country's laws, news portal Kontan reported (in Bahasa Indonesia). He urged Indonesians to be cautious when dealing with payments in general. Ronald Waas, the deputy governor, said using bitcoin in Indonesia contravened rules set out by Bank Indonesia, information and electronic transactions laws and currency laws. Kontan's piece also noted that Indonesia's currency laws state only the rupiah is legal tender. "Using bitcoin for payments breaks these laws," Ronald was quoted as saying. The Kontan....