Hi Tokonauts,
Tokocrypto will be conducting a mandatory hard conversion of BIDR cryptocurrency to IDR on August 20, 2024, at 3:00 PM WIB. This process will be automatically applied to all remaining BIDR balances in your Tokocrypto account.
As previously announced, we have urged all users holding BIDR to either transfer their assets to alternative assets available on Tokocrypto or convert them to other cryptocurrencies before the BIDR service is discontinued on August 20, 2024, at 3:00 PM WIB.
Reasons for Discontinuing BIDR Service
The decision to discontinue support, remove, and delist BIDR cryptocurrency was made after a comprehensive evaluation. This step is taken to ensure that we can focus more on developing and providing products that are more relevant to the evolving needs of our users.
BIDR to IDR Hard Conversion Mechanism
Here are the details of the BIDR to IDR hard conversion mechanism:
- 1:1 Automatic Conversion: Tokocrypto will convert your BIDR assets to IDR at a 1:1 ratio starting from August 20, 2024, at 3:00 PM WIB.
- Conversion Tax: A 0.1% income tax will be applied to this hard conversion process in accordance with applicable Indonesian tax regulations.
- Conversion Duration: The conversion process will be carried out gradually and is expected to be completed within 24-48 hours after commencement.
- BIDR Removal from Wallet: Once the conversion process is complete, BIDR assets will be removed from your wallet, and the equivalent IDR balance will be added automatically.
- Changes to User Wallet: After the hard conversion process is complete, you will see the new IDR balance in your wallet.
What You Need to Do
To facilitate this transition process, we recommend that you ensure you understand these changes and are ready for the automatic conversion of BIDR to IDR. If you have any questions or require further assistance regarding this process, please do not hesitate to contact our Customer Support team via Live Chat 24/7.
Thank you for your continued trust and support in Tokocrypto. We are committed to providing the best possible service to meet your needs.
Best regards,
Tokocrypto Team
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