Cryptocurrency let for Trading as Commodity in Indonesia

Indonesia’s Ministry of Trade has allowed cryptocurrency trading on futures exchanges as a commodity
05 June 2018   412

As reported in the local news sourse, the positive decision towards crypto trading follows a 4-month research by the regulator into the subject before the regulator enclosed that cryptocurrencies like Bitcoin have to be classified as commodities. Dharma Yoga, the agency’s market supervision chief, stated that the agency had signed a formal decree “to make cryptocurrency a commodity that could be traded at the bourse”.

In the near future supporting regulations of cryptocurrency exchanges, wallet providers and mining companies, taxation and prevention of money laundering and terrorism financing via cryptos will also take place, according to Yoga. The issuance of these regulations will comprise a number of other authorities including Bank Indonesia (BI), the country’s central bank, and the Financial Services Authority (OJK), the country’s financial regulator.

These events come despite the central bank prohibiting cryptos as a payment means late last year. Bank Indonesia confirmed that stance and warned “all parties not to sell, buy, or trade virtual currency” in January.  The cryptocurrency adopters in Indonesia haven’t been discouraged in a flourishing market that sees INDODAX, one of the country’s largest cryptocurrency exchanges, on track to have more registered customers than the country’s national stock exchange.

Yoga also stated that the authority is calling on exchanges like INDODAX to give reports on product specification and training procedures to help develop a more advanced regulatory framework.

BitForex to be Suspected of Fraud Due to MFG Delisting

After 13 days of trading, crypto-exchange froze trading of this coin without a warning
14 August 2018   80

Users of the BitForex exchange have suspected the platform management in fraud after the platform has delisted the SyncFab (MFG) token without any explanation. This is reported by Cryptovest.

On July 18, at a recently opened BitForex exchange, trading of the own token of the SyncFab blockchain platform started. After 13 days, crypto-exchange froze trading of this coin without a warning. According to users, BitForex still retains part of the deposit funds in order to further steal tokens.

In turn, commenting on the situation, SyncFab representatives refer to vulnerabilities of unknown character in the smart contract of the token.

BitForex has a lot of tokens listed, however, not everything can be found through the search. The main page of the platform lists only coins with active trades.

Price of the MFG coin fluctuates around $ 0.0059. Token is traded on the IDEX, Cobinhood, CoinExchange, Bancor Network. In August, the leading company in the field of bitcoin-security and the provider of the popular BitGo wallet announced support for MFG.