Key takeaways:
- The Indonesian government intends to set up a national cryptocurrency exchange.
- The platform will be live in the coming weeks and will be the only one in the country that allows bitcoin transactions.
Cryptocurrencies have become a global phenomenon, revolutionizing the financial landscape with their decentralized nature and potential for growth. Indonesia, a vibrant country at the forefront of technological advancements, is ready to make its mark in the digital economy.
In an exciting development, Indonesia is set to introduce its own cryptocurrency exchange this month, opening up new avenues for digital asset enthusiasts and investors across the nation.
According to a recent report by Tempo, Indonesia’s Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti, is planning to launch the country’s national cryptocurrency exchange in July 2023.
Bappebti’s head, Didid Noordiatmoko, stated that all cryptocurrency transactions in Indonesia would be required to take place exclusively on the national exchange.
The discussions surrounding the launch involved establishing stock exchange rules and implementing Know Your Customer (KYC) procedures. Didid further mentioned that trading on the exchange would be facilitated through a tested integrated application.
The launch was also announced by CFTRA to Indonesia’s Trade Minister Zulkifli Hasan. If no more adjustments are required by the government, the regulator will sign the permit, enabling licensed traders a month to join the exchange.
According to sources, Fawzi and Lodewik Paulus Agusman were authorized as members of the OJK Board of Commissioners by the House of Representatives Commission, which controls banking and finance, after passing “the aptitude test” on Monday.
As previously mentioned, Indonesia’s Ministry of Trade had initially planned to launch the national cryptocurrency exchange in December 2022. However, due to delays, the project’s target launch date was pushed back to June 2023.
At the start of the year, Indonesia had approximately 383 cryptocurrencies and 10 local coins available for trading. Additionally, there were 151 assets and 10 coins under review by Bappebti, the regulatory authority. It’s important to note that digital assets were previously regulated by Bappebti alongside commodity contracts.
However, Noordiatmoko recently announced that the securities agency, the FSA, will gradually take over regulatory authority for these assets within the next two years.
