Indonesia will launch a cryptocurrency exchange in June

The Indonesian Ministry of Commerce is said to be aiming to launch an exchange cryptocurrency country in June this year, six months after the previous target in December 2022.

Commerce Minister Zulkifli Hasan shared the launch date of the new target on February 2 at the opening of Knowledge Month cryptocurrency in Jakarta, noting that the government is currently reviewing which companies meet the criteria to be part of the exchange.

Commerce Minister Zulkifli Hasan. Source: owntalk.co.id

There are five active cryptocurrency exchanges that are currently registered with the country's regulators, and according to Zulkifli, the ministry's crypto exchange could include all of them.

While these exchanges are currently facilitating all transactions in the country, the ministry's exchange will act as a clearinghouse and custodian in the cryptocurrency market. local.

A clearing house is essentially a mediator between buyers and sellers, ensuring a smooth transaction. At the same time, as a custodian, it will manage the movement of assets between the two parties.

The Commerce Secretary urged the public to be patient with the national cryptocurrency exchange, saying:

“Let's not rush because if it's not ready, things will get messy at first. The government doesn't want this to cause great damage to the public because people don't know much about crypto trading.”

Indonesia was planning to set up its own cryptocurrency exchange by the end of 2022, but the plan was delayed due to a number of obstacles.

Crypto assets in the country are currently traded alongside commodity contracts and are overseen by the Commodity Futures Trading Regulatory Authority – also known as Bappebti – but regulatory power will shift to the Authority. financial services after creating a national exchange.

The regulatory change in response to new crypto regulations was approved on December 15, which recognizes cryptocurrencies and other digital assets as regulated financial securities.

On December 5, Governor of Bank Indonesia Perry Warjiyo announced that a central bank digital currency they are planning to launch will be the only legal digital currency in the country. .