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Saturday, December 2, 2023

It will be online within this year at the earliest! Indonesia to launch ‘national’ cryptocurrency exchange

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According to a Bloomberg report , the Indonesian government intends to establish a cryptocurrency exchange this year before changing the cryptocurrency’s authority to the Financial Services Authority (FSA).

At present, Indonesia’s cryptocurrency market is mainly regulated by the “Commodity Futures Trading Supervision Bureau (BAPPEBTI)”. People are prohibited from using cryptocurrencies as payment tools, but cryptocurrencies can be traded as a commodity.

However, Didid Noordiatmoko, acting head of BAPPEBTI, said on Wednesday that the FSA will take over cryptocurrency jurisdiction within the next two years as part of financial sector reforms , by which time he expects a government-established cryptocurrency exchange should have launched.

Indonesian Deputy Minister of Commerce Jerry Sambuaga said in the past that due to the increasing public interest in digital currencies, but at the same time the government wants to protect consumers, it intends to launch a cryptocurrency exchange. It was initially planned to go online in 2021, but due to the complexity of the process , the plan was continually delayed.

According to the data disclosed by BAPPEBTI, there are currently 383 encrypted assets that are allowed to be traded in Indonesia, plus 10 tokens launched by local operators, and another 151 encrypted assets and 10 tokens are under review.

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