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Indonesia includes XRP in its extensive list of 501 tradable cryptocurrencies, signaling a positive step toward crypto adoption.
Indonesia includes XRP in its comprehensive list of 501 tradable cryptocurrencies, signaling a positive step towards crypto adoption and potential future use as a means of payment, as highlighted by prominent Chinese reporter Colin Wu.
Indonesia has taken a significant step towards embracing cryptocurrencies by including XRP in its recently released regulatory document comprising a comprehensive list of 501 coins that can be traded.
The released regulatory document, as translated by Google, suggests that the government implemented an amendment to the existing Trade Controlling Agency Regulations Commodity Futures Number 11 of 2022.
This regulatory update, titled “Supervisory Body Regulation Commodity Futures Trading Number 4 of 2023,” pertains to determining assets that can be traded in the physical market of crypto assets.
Colin Wu, a well-known Chinese reporter, shared the development on Twitter, revealing that the Indonesian government’s list of tradable cryptocurrencies includes prominent names such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Cardano (ADA). Interestingly, they are the same coins the US regulator considers as securities.
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
Crypto Community Reacts
An Indonesian YouTuber commented on the development, highlighting the country’s XRP-friendly stance. While the current regulation categorizes XRP as a commodity, the YouTuber expressed optimism about the potential for XRP to become a legal tender.
However, Indonesian Twitter user Pondok Indah cautioned against the government’s involvement in the crypto business, arguing that the state should focus on regulatory oversight and taxation.
In another conversion, a crypto enthusiast expressed frustration with the United States’ classification of XRP as a security. The enthusiast perceived such labeling as corruption, highlighting the diverging regulatory approaches across different countries.
Indonesia Crypto Evolvement
Interestingly, a 2022 research report by Chainalysis titled “The 2022 Global Crypto Adoption Index: Emerging Markets Lead in Grassroots Adoption” ranked Indonesia at the top among the 20 countries analyzed for peer-to-peer (P2P) exchange trade volume.
Recall that in April, the biggest exchange in Indonesia recently listed one of the rising stars of crypto coin, FLOKI, as reported by The Crypto Basic.
Ultimately, Indonesia’s strides in embracing XRP in its tradable list signifies a positive step toward fostering a crypto-friendly environment. The country’s efforts to refine regulations and potentially allow XRP as a means of payment in the future could further encourage the adoption and integration of digital assets into various sectors of the Indonesian economy.