CoFTRA Requires Digital Gold Traders To Have A Physical Deposit Of At Least 10 KG

Gold Illustration (Photo: Doc. Antara)

JAKARTA - The Commodity Futures Trading Supervisory Agency (CoFTRA Bappebti) of the Ministry of Trade made a regulation requiring gold traders to have a minimum of 10 kilograms (kg) of physical gold in their deposit.

The Head of the Commodity Futures Trading Supervisory Agency (Bappebti) of the Ministry of Trade, Didid Noordiatmoko, said that when buying gold, the physical goods are still there.

"So what's the name, it's certain that at that time they didn't just buy records, but the gold was there," Didid said, quoting Antara.

More than that, if a digital gold transaction exceeds 10 kg, a digital gold trader must increase the deposit value at least to the value of the transaction.

This is also intended so that the public as buyers feel more protected in conducting digital gold transactions.

Didid continued, digital gold trading companies must register their company in order to have a permit from CoFTRA. Currently, there are five digital gold trading companies that have obtained permits from CoFTRA.

"For now there are only five digital physical gold traders who have received permits from Bappepti. But of these five they also have other companies that take gold from here. So it's a kind of marketing," Didid said.

Didid explained, the reason for Bappebti to tighten regulations on digital gold trade was that recently digital gold investment was being loved by the public.

In 2022, the volume of digital gold transactions will reach 2,300 tons, in 2023 until February it will reach 718 tons.

"Physical trading of digital gold has experienced a rapid increase in 2023. So compared to 2022, 2023 is a rapid increase. Throughout 2022 the transaction volume will be 2,300 tons. In 2023 until February it has reached 718 tons, which means this is an increase compared to the average in 2022," Didid said.

Therefore, with these requirements, CoFTRA wants to ensure that the public feels safe in conducting digital gold transactions.