Crypto Transaction Value in Indonesia Fall 56.35 Percent, Why?
JAKARTA, KOMPAS.COM – Commodity Futures Trading Regulatory Agency (CoFTRA) The Ministry of Trade noted, the value of asset transactions Cryptocurrency since January-August 2022 reached IDR 249.3 trillion. Its down 56.35 percent from the same period last year (year on year/yoy).
The decrease in the value of the transaction is assessed as the impact of conditions todays global economy. Global uncertainty makes markets crypto worry.
Global financial system shocks can have quite a large effect for the crypto market, says Chairman of the Crypto Asset Traders Association Indonesia (Aspakrindo), Teguh Kurniawan Harmanda, in a statement officially, quoted on Monday (10/10/2022).
CRYPTO TO TRADING ROBOT
The shock is a shaky macroeconomic situation due to recession and heated geopolitics. This can make the situation crypto winter could happen, he added.
Teguh, who also serves as COO of Tokocrypto, said that the decline in the value of crypto transactions is also inseparable from US monetary policy, which discourages investors. Though, the US has volume most Bitcoin trades on the exchange.
According to him, the Feds policy tightening raises its benchmark interest rate to suppress inflation can threaten the crypto market. The reason is, the increase interest rates that cause commodity prices to be higher and purchasing power weakens, and eventually investors will stay away from the market.
The increase in the price of basic necessities made investors to wait and see. This is starting to be felt in Indonesia, he said.
CRYPTO TAX
In addition to external factors, Teguh also highlighted the imposition of crypto asset tax. The associations internal data shows, taxes cause lasting effects for traders or exchanges local crypto compared to global.
The local exchange transaction volume has not been able to rebound after tax enforced, in contrast to the global, he said.
He further said, the transaction fee plus the applied tax by local exchanges less competitive with more global exchanges much lower than the average trading fee. This makes customers switch to find the cheapest trading costs.
We continue to encourage enforcement of tax application to exchange global and unregistered, resulting in equal playing field, said Teguh.
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