A national cryptocurrency exchange is apparently expected to launch in Indonesia by June of this year.
By the end of 2022, Indonesia had intended to launch its cryptocurrency exchange. However, this was postponed due to several challenges.
At the start of “Crypto Literacy Month” in Jakarta on February 2, Trade Minister – Zulkifli Hasan announced the revised target launch date while mentioning that the government is presently evaluating which businesses fit their requirements to join the exchange. Currently registered with the nation’s regulators are five active crypto exchanges. The ministry’s exchange would serve as a clearing house and custodian in the local cryptocurrency market, whereas these exchanges now facilitate all trades within the country.
A clearing house basically acts as a middleman to facilitate a transaction between a buyer and a seller. The movement of assets between the two parties would also be managed by it in its capacity as custodian. The trade minister pleaded with the populace to wait for the country’s cryptocurrency exchange to be ready, warning that doing so would bring chaos. Because most people are unaware of crypto trading, the government does not want this to have a significant negative impact on the populace.
The Commodity Futures Trading Regulatory Agency, also known as Bappebti, now regulates the trading of crypto assets in the nation together with commodity contracts, but that authority will transfer to the Financial Services Authority if a national exchange is established. The governor of the Bank of Indonesia, Perry Warjiyo, had stated on December 5 that the country’s only legal digital currency would be the one the central bank planned to introduce.
Stay with us for more daily crypto news. Comment your thoughts of these news on our social channels below