We are pleased to announce the changes that will take place on the Tokocrypto platform. Starting August 1, 2023 at 22:00 PM, Tokocrypto will start listing IDR that will affect all deposits and withdrawals via Rupiah currency (fiat). This change is in line with our commitment to increase the adoption of crypto assets in Indonesia, in order to make it easier for Indonesian citizens to access and to improve user ease in transactions and always comply with applicable regulations.
For further information, we will explain about BIDR and IDR, as follows.
BIDR is a Binance Chain (BEP-2) stablecoin linked to Indonesian Rupiah (IDR). BIDR is a stablecoin that allows coin transfer activity on the blockchain to be fast and cheap. BIDR is designed to be a bridge between fiat and crypto assets, with the aim of giving users the flexibility to trade BIDR in crypto (either from and to other exchanges or wallets) and in the form of fiat. (dari dan ke rekening bank).
BIDR stablecoins are used for direct purchases and exchanges with a value of 1 BIDR equivalent to 1 Rupiah currency (1 IDR = 1 BIDR). Customers in Tokocrypto who make fiat deposits will be immediately registered as BIDR. Subsequently, the sale-buy transactions of crypto assets were carried out using the BIDR.
To maintain its stability, BIDR is backed 1:1 by Rupiah in a separate bank account in Indonesia. The BIDR is audited every six months by an independent Public Accounts Office (PAC). Audit reports are periodically published by Tokocrypto for reference to BIDR users.
IDR is the abbreviation for Indonesian Rupiah, which is the official currency of Indonesia. The IDR is a fiat currency, not a stablecoin or a crypto token. In the context of crypto, IDR is used to facilitate crypto trading into local currencies in Indonesia. The IDR crypto pair allows users to buy and sell cryptocurrencies using the currency of the Indonesian Rupee.
The IDR will be a trading pair or currency pair and asset that can be traded on Tokocrypto. For example, if you see the trading pair "BTC/IDR" on Tokocrypto, this means Bitcoin (BTC) can be traded directly with Indonesian Rupiah. The exchange rate of BTC/IDR shows how much Indonesian rupee is needed to buy one Bitcoin.
What is the impact of BIDR change on IDR?
Overall, there's no impact of the big change that's happening. Tokocrypto users are still able to conduct trading transactions comfortably and safely. All user assets will remain secure and Tokocrypto will continue to periodically provide audit reports from an independent Public Accounts Office (PAC) to maintain transparency.
This change also affects the transaction cost. Starting from 1 August 2023 at 22:00 PM, new changes to transaction fees will come into effect. Each trade with the IDR pair will be charged a transaction fee of 0.0%* plus 0.11% VAT for purchase. For the sale will be charged a transaction fee of 0.0%* plus PPh tax of 0.1%.
*Transaction fee of 0.0% is a special promotion given during the transition period. The transaction fee is subject to change and will be announced later.
Current purchase transaction scheme using BIDR pairs:
You buy an ABC crypto asset of 0.5 ABC at a unit price of Rp. 1,000,000 per ABC using your BIDR asset through the ABC/BIDR pair. On that transaction, then the cost burden that the user bears is based on the formula as follows:
[trade fee 0.1% + tax 0.21%] x (crypto amount x price per unit).
0.31% x (0.5 ABC x Rp 1,000,000) = Rp 1.550.
Current sale transaction scheme using BIDR pairs:
You sell a crypto asset of 0.5 XYZ at the unit price at the time it was Rp 2,000,000 per XYZ in Tokocrypto. Sales using the XYZ/BIDR pair.
[trade fee 0.1% + tax 0.21%] x (crypto price x price per unit).
0.31% x (0.5 XYZ x Rp 2,000,000) = Rp 3,100.
Promotional Scheme* trading fee 0.0% after change of BIDR to IDR:
You buy an ABC crypto asset of 0.5 ABC at a unit price of Rp. 1,000,000 per ABC using your IDR asset through the ABC/IDR pair. On that transaction, then the cost burden that the user bears is based on the formula as follows:
[Trading fee 0%* + VAT 0.11%] x (amount crypto x price per unit).
0.11% x (0.5 ABC x Rp 1,000,000) = Rp 550.
You sell a XYZ crypto asset of 0.5 XYZ at the unit price at the time it was Rp 2,000,000 per XYZ in Tokocrypto. Sales using the XYZ/IDR pair.
[Trading fee 0%* + PPh 0.1%] x (crypto amount x price per unit).
0.1% x (0.5 XYZ x Rp 2,000,000) = Rp 1,000.
*Until further notification
BIDR to IDR Change Scheme and Schedule
We want to explain the important things in the process of changing BIDR to IDR and the phases that all Tokocrypto users need to know. The goal is for all users to understand it in more detail.
Here's the timeline of change from BIDR to IDR:
August 1, 2023 at 22:00 PM: The change from BIDR to IDR will begin.
There will be an addition or listing of the BIDR/IDR pairs and followed by the USDT / IDR pair which will be exempt from the transaction fee (transaction fee Rp 0,-) until subsequent notification.
All Fiat Activities Withdrawals and Deposits will be suspended temporarily between 1 August 2023 20:00 PM to 1 August 2023, 20:59 PM, Fiat deposits and withdrawal will run normally on 1 August 2033, 21:00 PM. Users can still buy and sell BIDR to USDT using the USDT/BIDR trading pair as usual. In addition, users can buy and sell IDR to USDT using the USDT/IDR trading pair as usual.
After the change of BIDR to IDR on 1 August 2023 at 22:00 PM, all deposits and withdrawals of funds can only be done with IDR, no longer with BIDD that can be done through Bank, E-Wallet, or available methods. Before a user performs a withdrawal, it is required to convert BIDR to IDR pairs.
We remain committed toining the security of user assets and will continue to work to ensure compliance with applicable regulations. All these changes are made to improve your trading experience on Tokocrypto.
If you have further questions or need help, do not hesitate to contact our Customer Support team via Live Chat.
Thank you for your understanding and support all this time.