After several delays, Indonesia’s national crypto exchange is set to see daylight in June 2023.
Indonesia’s Ministry of Trade, a ministry of the Government of Indonesia that directs the formulation of policies related to the development of trade in the country, is reportedly planning to launch its national crypto exchange in June 2023.
The news was revealed by Indonesia’s Trade Minister Zulkifli Hasan during the opening of Crypto Literacy Month in Jakarta.
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When talking about the launch, Zulkifli Hasan noted that the government will take its time in developing the national crypto exchange.
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
Moreover, Hasan stated that the government is looking through crypto firms that meet the Ministry of Trade criteria and will help the ministry to launch Indonesia’s crypto exchange.
According to Zulkifli Hasan, currently, there are five active crypto exchanges licensed in the country.
Indonesia expects to use its national cryptocurrency exchange as a clearing house and custodian for the local crypto market. In a nutshell, the ministry’s crypto exchange will operate as a mediator between buyers and sellers, ensuring the success of transactions. On the other hand, as a custodian, local crypto exchanges will manage asset movement between two parties.
Initially, the country was looking to launch its national cryptocurrency exchange at the end of 2021. However, due to many obstacles, Indonesia delayed its launch until the end of 2022. However, even then, there were a number of issues blocking a way for the crypto exchange to take off.
It is worth noting that the country currently allows citizens to trade using 383 crypto assets and ten local coins. Nevertheless, the Commodity Futures Trading Regulatory Agency (Bappebti) is reportedly reviewing another 151 digital assets.