• 16 July, 2024
News

Indonesia to Launch First Government-Backed Crypto Exchange in 2023

By June 2023, Indonesia, one of several nations rapidly adopting cryptocurrencies, hopes to build the world’s first crypto exchange supported by the national government. The government is now undertaking an examination to ascertain which firm is eligible to join the cryptocurrency bourse.

As of now, only five companies are actively operating in the nation as crypto exchanges at this time, even though 25 companies have registered with the Commodity Futures Trading Regulatory Agency as “physical dealers of crypto assets.” Minister of trade Zulkifli Hasan has stated that the aforementioned five brick-and-mortar stores may participate in the cryptocurrency exchange run by the ministry.

“Because now that we have the regulations and there have been some improvements, hopefully, we will get to have a crypto bourse before June,” Hasan said in a statement.

Trade minister says no rush

Zulkifli also urged the public to be patient about the crypto sector since the government had just recently relaxed the ban on new crypto exchange licenses. He advised the public should hold off on making any plans until the new exchange’s official release date has been announced.

While the cryptocurrency exchange is still under development, physical crypto-asset traders are facilitating trades. It is anticipated that once the crypto market ecosystem is completely developed, clearing and custodian services will be available to bring order to the existing state of affairs.

“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,” Zulkifi added.

Further, he discussed the risks involved in trading digital assets, noting that although the Indonesian Crypto Asset Traders Association certifies that the new effort will bring massive profits, it may also lead to significant losses.

In addition, the Trade Ministry has said that it would strengthen all cryptocurrency-related regulations following the collapse of the cryptocurrency exchange FTX, which is directly associated with the current moratorium.

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