Indonesia Aims To Establish A National Cryptocurrency Exchange By June

Indonesia‘s Ministry of Commerce announced its ambition to create a national cryptocurrency exchange by June 2023, six months ahead of the proposed December 2022 launch date.

Indonesia Aims To Establish A National Cryptocurrency Exchange By June

Various National Cryptocurrency Exchange Will Gather Under One Roof

At the launch of Crypto Literacy Month in Jakarta on February 2, Commerce Minister Zulkifri Hasan proclaimed a new timeline for setting up the National Cryptocurrency Exchange. He mentioned that he actively evaluates firms to comply with the criteria necessary for establishment.

The nation’s regulator has identified five active cryptocurrency exchanges, and Zulkifli said that all these exchanges could be included in the nationwide exchange. Currently, each of these trading platforms sustains domestic commerce; however, it is predicted that the National Cryptocurrency Exchange will serve as a clearinghouse and custodian for any local digital currency transactions.

There Is No Need to Rush

Acting as a middleman between buyers and sellers, a clearinghouse guarantees that every transaction is carried out with utmost accuracy. Furthermore, it also carefully oversees the passage of assets between both parties to ensure smooth operation.

Urging the public to be patient for a national cryptocurrency exchange, the Minister of Commerce declared: “I want us to take our time. If we launch without proper planning in place, it will only cause chaos, and I don’t wish that upon anyone.” 

Presently, Bappebti has full authority over cryptocurrency assets in Indonesia. Nonetheless, previous reports suggested that control of digital resources would be passed on to the Financial Services Authority after the national cryptocurrency exchange is launched. The country had planned for a nationwide crypto exchange to launch by 2022, but progress has been halted due to certain impediments.

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Vera Golubev

Vera holds a master's degree from New York University in Business and Economics, was a banker turned writer who discovered cryptocurrency, now a fintech blogger, crypto journalist, and growth marketer. She is passionate about helping startups spread the word, discover and promote great projects in the crypto and fintech industry.

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