Thursday, 20 June 2024
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Joko Widodo Warns Against Using Cryptocurrency and NFTs for Money Laundering

  • PPATK has received a warning from Widodo to keep an eye on the usage of cryptocurrency and NFTs for money laundering.
  • At the moment, the Commodities Futures Trading Regulatory Agency oversees cryptocurrency assets in Indonesia.
  • Gibran Rakabuming Raka and Prabowo Subianto, the country’s new leaders, have shown a keen interest in cryptocurrencies.

The Financial Transaction Reports and Analysis Centre (PPATK) has received a warning from Indonesian President Joko Widodo to keep an eye on the usage of cryptocurrency and non-fungible tokens (NFTs) for money laundering.

In 2021, the president confessed that a substantial amount of money—roughly Rp 139 trillion—was laundered using cryptocurrency assets. In addition, he underlined the importance of keeping an eye on additional instruments that might be used for money laundering, including virtual assets, online transactions, electronic money, and transactions powered by AI.

Joko Widodo

The Financial Services Authority (OJK) head, Mahendra-Siregar, stated that his organization will be in charge of these issues when the OJK takes over crypto-regulation in the following year.

At the moment, the Commodities Futures Trading Regulatory Agency (Bappebti) oversees cryptocurrency assets in Indonesia. Effective January 20,25, the Financial Services Authority (OJK) will assume responsibility for crypto asset oversight following the passage of Law Number 4 of 2023.

Gibran Rakabuming Raka and Prabowo Subianto, the country’s new leaders, have shown a keen interest in cryptocurrencies. Throughout the election campaign, they have articulated the necessity for blockchain and cryptocurrency specialists to propel the nation’s technological industry forward and to enhance the oversight of tax compliance for cryptocurrency holdings. October 20, 2024, is when Prabowo and Gibran will formally take office.

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