Indonesia will tax advertising cryptocurrencies, Reuters reported.
Indonesia will tax advertising cryptocurrencies, Reuters reported, as the Southeast Asian country seeks to moderate the growing popularity of the virtual assets area among its citizens and consolidate some state revenue after the devastating pandemic.
The largest country in the region has banned cryptocurrencies as a payment method and yet they must be exchanged as a commodity.
Noor, however, said a tax regime for cryptocurrencies is still under discussion.
The country’s Financial Services Authority warned Indonesians about the dangers of cryptocurrencies, around value volatility.
In Indonesia, the world’s fourth most populous country with 275 million people, many use Indodax, a cryptocurrency exchange platform that claims to be the country’s largest, Reuters reported.
In April, Indodax said the number of active members on its platform had reached 3 million, up from around 2. 3 million at the beginning of the year.
Darmawan added that the number of transactions is increasing, in parallel with the market.
Worldwide, cryptocurrencies soared in 2021: bitcoin has risen 95% since the beginning of the year, ether has increased by 380% and dogecoin has soared by 13,000%.