ndonesia, one of the many countries that are moving quickly to adopt cryptocurrencies, has plans to launch the world’s first crypto exchange that is backed by the national government latest by June 2023. The Indonesian government’s Ministry of Trade initially intended to launch the exchange at the tail end of the previous year.
In Search Of Private Exchanges
The government is presently conducting an investigation to determine which company satisfies all of the requirements to join the cryptocurrency bourse. Out of the 25 entities that have already registered with the Commodity Futures Trading Regulatory Agency as “physical traders of crypto assets,” commonly known as crypto exchanges, there are now just five functioning crypto exchanges (Bappebti). According to Zulkifli, there is a potential that the cryptocurrency exchange operated by the ministry will include the aforementioned five physical merchants.
Trade Minister Zulkifli Hasan was quoted as saying:
Because now that we have the regulations and there have been some improvements, hopefully we will get to have a crypto bourse before June.
Indonesia Leads Crypto Adoption
Zulkifli also asked the public to remain patient about the crypto marketplace, since the government had just recently lifted the embargo on licenses for new crypto exchanges. In light of this recent development, Zulkifli urged the public to wait until the final launch date for the new exchange was released. Trades are now being facilitated by physical crypto-asset traders while the exchange is still in the development stages. The ecosystem of the growing crypto market is expected to have some kind of clearing and custodian once it is fully formed in order to bring order to the chaos that currently exists.
Moreover, Zulkifli added that “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.” Furthermore, while speaking about the potential risks of trading digital assets, he noted that although the Indonesian Crypto Asset Traders Association confirms that the new initiative would bring massive profits, it can also bring in a high amount of losses.
And, in relation to the moratorium, the Trade Ministry has announced to improve any and all rules that are associated with cryptocurrencies, particularly in the wake of the failure of the cryptocurrency exchange FTX.
Main content of the article:
Indonesia is set to launch the world’s first government-backed crypto exchange by June 2023. The Trade Minister Zulkifli Hasan has asked the public to remain patient while the exchange is still in development. Out of the 25 entities that have registered as crypto exchanges, only five are functioning. The government is currently conducting an investigation to determine which company meets all the requirements for the crypto bourse. The government wants to bring order to the crypto market and ensure that losses are minimized. The Trade Ministry has also announced to improve any rules associated with cryptocurrencies.