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Indonesia Will Launch First Government-Backed Crypto Exchange

  • Last year, the commerce ministry wanted to operate the cryptocurrency exchange before June 2023.

  • After the FTX cryptocurrency exchange collapsed, the Trade Ministry indicated it will tighten cryptocurrency laws. This announcement concerns the cryptocurrency trading ban.

03 Feb 2023 By: Anirudh Trivedi
Indonesia Will Launc

The cryptocurrency exchange is expected to open before June 2023, as planned by the nation's trade ministry last year.

One of the numerous nations that are embracing cryptocurrencies swiftly is Indonesia, which has ambitions to open the first government-backed cryptocurrency exchange in the world no later than June 2023. The exchange was originally scheduled to debut towards the end of the previous year, according to the Indonesian government's Ministry of Trade.

Looking For Private Exchanges

A federal investigation is currently being done into the business that meets all requirements to join the crypto exchange. Out of the 25 companies that have already registered with the Commodity Futures Trading Regulatory Agency as "physical traders of crypto assets," just five are currently active (Bappebti). Zulkifli speculates that the ministry's bitcoin exchange may comprise the five physical stores previously mentioned.

Trade Minister Zulkifli Hasan was cited as saying, "Hopefully we will get to have a crypto market before June since now that we have the regulations and there have been certain modifications."

Indonesia Leads in Crypto Adoption

Considering that the government had just just relaxed the ban on issuing licences for brand-new crypto exchanges, Zulkifli also pleaded with the people to exercise patience regarding the cryptocurrency sector. Zulkifli advised the public to hold off until the precise opening date for the new exchange was announced in light of this most recent development. Despite the exchange still being in the planning stages, trades are already being conducted by actual crypto-asset traders. In order to bring order to the existing turmoil, the ecosystem of the expanding crypto market is anticipated to have some sort of clearing and custodian once it is fully developed.

Additionally, Zulkifli said, "Let us not rush because if everything is not prepared, things will get messy. Due to the general lack of knowledge, the government does not want this to have a significant negative impact on the populace. In addition, he mentioned that although while the Indonesian Crypto Asset Traders Association affirms that the new effort will bring enormous profits, it can also bring in a significant number of losses when discussing the potential hazards of trading digital assets.

In addition, the Trade Ministry has said that it will strengthen all cryptocurrency-related regulations, particularly in light of the collapse of the FTX cryptocurrency exchange. This announcement relates to the moratorium on new cryptocurrency trading.