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Indonesia considering tax on cryptocurrencies

Tuesday 11 May 2021 10:16 CET | News

Indonesia is considering a plan to tax the trading of cryptocurrencies after a surge in popularity among local investors.

The Southeast Asian country has been seeking to shore up state revenues amid the coronavirus pandemic, though a tax scheme for cryptocurrency was still at the discussion stage, according to Reuters.

Indodax, a crypto exchange platform that claim to be the largest in Indonesia, said by April 2021 the number of active members on its platform hit three million as the price of Bitcoin and other crypto assets reached record highs. The number of members at Indodax rose from around 2.3 million at the start of 2021.

Cryptocurrencies have been rallying in recent weeks with some smaller ones like Dogecoin up more than 700% in the last month. Indonesia’s Financial Services Authority has warned investors against the risk of investing in cryptocurrency, arguing it does not have underlying value and prices are highly volatile.

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Keywords: cryptocurrency, crypto asset, Bitcoin, regulation
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: Indonesia
This article is part of category

Blockchain & Cryptocurrencies