According to Bloomberg, Indonesia is considering setting up a national cryptocurrency exchange as part of a plan to reform the financial system.
JUST IN: 🇮🇩 Indonesia announces plans to launch a national #crypto exchange.
— Watcher.Guru (@WatcherGuru) January 4, 2023
Indonesia wants to open a national crypto exchange
Currently, cryptocurrency is regulated by the Futures Authority of Indonesia, also known as Bappebti. According to Bappebti head Didid Noordiatmoko, responsibility for crypto surveillance will be transferred to the Financial Services Authority within the next two years.
Indonesia’s national cryptocurrency exchange will be set up during this time, although its purpose is unclear.
Indonesia is one of the few Southeast Asian countries that has taken a clear legal stance on cryptocurrencies, allowing crypto trading but banning its use in payments. The nation of ten thousand islands has also begun to license domestic exchanges such as Tokocrypto, which Binance recently acquired.
Bappebti also licensed transactions for 383 crypto assets and ten cryptocurrencies originating from Indonesia, in addition to evaluating 161 other coins.
In a related development, the Chinese government, at the end of December 2022, also launched a national NFT exchange, although it has banned trading and investing in cryptocurrencies since 2021.
Read more:
- Kraken Announced That It Will Withdraw From Japan Market At The End Of January 2023
- FTX Founder Sam Bankman-Fried Was Spotted At The JFK Airport With His Chilling At Business Class