The land of volcanoes and paradise beaches is gearing up for a cryptocurrency revolution. Indonesia, as it is referred to, is about to launch an exchange that will become the central place for digital currency transactions in the country. The move is further evidence of the Indonesian government’s commitment to developing the sector and recognizing its potential.
Indonesia’s cryptocurrency plans
The Commodity Futures Trading and Cryptocurrency Regulatory Agency (CFTRA), also known as Bappebti, is the main organizer of this ambitious project. According to plans, the exchange is scheduled to begin operations in July 2023, generating huge interest both at home and abroad.
Didid Noordiatmoko, head of Bappebti, shared the news that all cryptocurrency-related transactions will be allowed to take place exclusively on the national exchange. This decision is aimed at increasing transparency and security for users. As the official stated, “the rules of the exchange have been agreed upon,” and stressed that there were particularly important discussions regarding KYC procedures, among other things.
Another innovation that Bappebti is preparing is an integrated application that will facilitate trading. This system has already been tested by CFTRA, and according to Didid, tests of the system’s integration between traders, exchanges, clearing and depository have been successful.
Security or control?
However, it should not be forgotten that the Indonesian cryptocurrency market does not operate in a vacuum. The Bappebti team plans to maintain harmony with international development trends while controlling the local market. Bappebti intends to introduce regulations on cryptocurrency prices, which will have to be approved by the agency. In this way, the national exchange will become a tool to support the development of the market, while providing security for investors.
The Minister of Commerce, Zulkifli Hasan, was also briefed on the progress of this project. If there are no other instructions, Bappebti will sign a permit that will give licensed traders one month to join the exchange. Such a step will allow the market to develop immediately and attract more investors to Indonesia’s cryptocurrency sector.
Determination in pursuit of the goal
This new step in the development of Indonesia’s cryptocurrency sector is another milestone in an initiative that began back in 2021. Back then, an Indonesian telecommunications company, in partnership with Binance, announced the launch of a joint platform. Within a year, Binance increased its stake in a local crypto asset trading company, Tokocrypto. It was this alliance that gave birth to the dream of a national stock exchange that would soon become a reality.
