Bitcoin Legalization Seeks By Indonesian Entrepreneurs
Bitcoin Legalization in Indonesia
Bitcoin seems making its way worldwide slowly but surely. Several countries are seeking legalization of the said Cryptocurrency and now Indonesian entrepreneurs want it to be legal in their country. We have heard that Japan is now recognizing Bitcoin as money and now business people in Indonesia is wondering if it is also possible in their nation.
Bitcoin Status in Indonesia
As of now, the status of Bitcoin in Indonesia remains unknown. There is no official regulation about this Cryptocurrency just yet. Change is coming now to those entrepreneurs who are rooting for its legality as a currency. This is another one step forward for this Cryptocurrency, even if we know for a fact that this kind of thing will go through several debates and questioning.
This is a very exciting year for Bitcoin. The road in making it as world’s legal currency is at hand. Among Asian countries, it is Japan who started in taking a leap of faith with this digital currency. Luxembourg on the other hand has granted famous Bitstamp exchange an official license for business recently. Another thing is that United Kingdom made a think tank to further study the Bitcoin technology boundaries.
With all these changes that are happening in the currency world, Indonesia is under pressure since this state has no plan to make this digital currency legal as for the moment. It is not only Indonesia which is in an awkward state but as well other countries because the demand for Fintech services is so high and it is growing every day. It seems that Cryptocurrency is at the center of the Fintech and services future.
Why Indonesian Entrepreneurs are seeking Bitcoin Legalization?
- They feel that this is the right time for Bitcoin to be legal. There’s no other time than now. Entrepreneurs see the efficiency nature of the digital currency. They also admire its transparency compared to the old payment system. Anthony Leon, digital specialist said that Bitcoin has been accepted as payment for physical or digital goods. He adds that even though traditional finance has no link to this technology, it is more efficient. This is because of its peer-to-peer and decentralization nature of technology. The new emerging countries can gain from Bitcoin legalization. Furthermore, he said that he can sense that Cryptocurrency will be recognized as the future currency of the world.
- Indonesian Entrepreneurs don’t want to get left behind. Legalization of the digital currency doesn’t happen overnight. There are lot things that have to be done to ready the people. People in the country needs to be educated as well as the government. If they will start late they will be left behind by other countries. If this is the next big thing, they better start using it.
- They can deal with other people from different nations who want to transact using Bitcoin. Bitcoin enthusiasts want to use Bitcoin in every transaction, from buying goods and services to hotel booking. The country might lose some visitors if they don’t have this option as payment method.
Japan accepts Bitcoin as payment for goods and services. In Zug, Switzerland, tourist and residents can use digital currency for public services and the biggest names in the major technology are also starting to adopt Bitcoin in their offerings.
Legalization of Bitcoin in Indonesia will take some years. It will be successful providing there is a proper set of rules and regulation. However, it is a good starting point to look on its current legal frameworks.