Indonesia Officially Recognizes Ripple (XRP) as Tradable Digital Asset, Paving the Way for Crypto Adoption
Indonesia has significantly moved towards embracing cryptocurrencies by officially recognizing XRP as a tradable digital asset. Including Ripple in the country’s recently released regulatory document, which lists 501 cryptocurrencies, signifies a significant development in crypto adoption. According to Colin Wu, a prominent Chinese reporter, this move also paves the way for the potential future use of XRP as a means of payment.
The regulatory document, titled “Supervisory Body Regulation Commodity Futures Trading Number 4 of 2023,” outlines the assets eligible for trading in the physical market of crypto assets. This update amends the existing Trade Controlling Agency Regulations Commodity Futures Number 11 of 2022. The Indonesian government’s decision to include XRP in this list alongside other prominent cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) is worth noting. Interestingly, these are the same coins considered securities by the US regulator.
Indonesia Takes Ripple (XRP) To New Heights In Crypto Adoption
The Indonesian crypto community has responded to adopting XRP in many ways. A local YouTuber believed XRP would eventually become legal tender and voiced confidence in the country’s pro-XRP stance. The government’s involvement in the cryptocurrency industry has drawn criticism from several Twitter users, most notably Pondok Indah, who argued that the focus should be on regulatory oversight and taxation rather than industry regulation.
One proponent of cryptocurrencies voiced their displeasure at the US classifying Ripple as a security. This categorization was considered untruthful, illuminating how other nations’ regulatory systems function.
Indonesia has been making advances in the Bitcoin industry, according to a 2022 study report from Chainalysis. In the message “The 2022 Global Crypto Adoption Index: Emerging Markets Lead in Grassroots Adoption,” Indonesia ranked among the 20 countries analyzed for peer-to-peer (P2P) exchange trading volume. According to The Crypto Basic, FLOKI, a rising star in the cryptocurrency world, was just listed on Indonesia’s largest exchange in April.
A step in the right direction towards creating a crypto-friendly atmosphere in Indonesia is the addition of XRP to the list of the country’s tradable cryptocurrencies. Indonesia wants to promote the widespread adoption and integration of digital assets across many sectors of its economy by streamlining laws and maybe permitting Ripple as a form of payment in the future.