February 6, 2023

Indonesia To Launch National Crypto Exchange by June

Indonesia

Indonesia

The Indonesian Ministry of Trade targets to launch its national crypto exchange by June this year after it aimed to roll out in December 2022.

This announcement was made by Indonesian Trade Minister Zulkifli Hasan at the inauguration of Crypto Literacy Month in Jakarta, as he said that the Indonesian government is currently reviewing which companies will join the exchange after meeting the criteria, according to Cointelegraph.

Hasan pointed out that five active crypto exchanges are currently registered in Indonesia, facilitating all trades within the country, asserting that the new national exchange should include them all. The national exchange will work as a clearing house and custodian in the local crypto market.

A clearing house would be a mediator between a buyer and seller to make sure that the transaction goes smoothly. While its role as a custodian is meant to monitor would the movement of assets between the two parties.

The Indonesian minister called on the public to be patient with the national crypto exchange, saying: “Let us not rush because if it is not ready, things will get messy. The government does not want this to massively take a toll on the public because people do not know much [about crypto trading].”

It is worth mentioning that crypto assets in Indonesia are traded alongside commodity contracts and supervised by the Commodity Futures Trading Regulatory Agency, aka Bappebti. But after the launch of the national exchange, the Financial Services Authority will have the regulatory power.

On December 5, 2022, Governor of Bank of Indonesia Perry Warjiyo announced that the digital Rupiah, or CBDC, will be for different digital economic and financial transactions.

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