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  • Writer's pictureJamal Saafir

Indonesia Bullish On Crypto, Exchange On The Way

According to local news agency Tempo, the Indonesian government has plans to launch a national cryptocurrency exchange in the very near future.

Indonesia’s Commodity Futures Trading Regulatory Agency or Bappebti, as it’s also known, plans to launch the exchange in the later part of July 2023. Bappebti head Didid Noordiatmoko said that once the exchange is launched, all crypto transactions can only be done through the exchange.

"Yesterday we agreed on the stock exchange rules. So the Know Your Customer (KYC) process and all kinds have been regulated there," Didid reportedly said on Wednesday, July 12th.

He also stated that the trading will be done through each integrated application. CoFTRA has also conducted an integration test. For the crypto coins to be sold, Bappebti wants them to be local but still abreast of international market developments, including the question of prices, provided they are approved by Bappebti.

Didid went on further to state that Bappebti made preparations ahead of the launch of the crypto exchange. "Yesterday we conducted system integration tests between traders, exchanges, clearing, and depository."

Per the news outlet, Didid closed by saying that the Bappebti had also written to Trade Minister Zulkifli Hasan and reported plans regarding the crypto exchange. If there are no other instructions, he will sign the permit, which will give licensed traders one month to join the exchange.

According to an article published by Cointelegraph on February 3rd, 2023, Indonesia previously had plans to launch a government approved cryptocurrency exchange by December 2022, but the plans were delayed.

At the opening of Crypto Literacy Month in Jakarta (February 2023), Zulkifi said that the Indonesian government was in the midst of reviewing companies and determining which ones met the criteria to become part of the exchange. In the same report, Trade Minister Zulkifli Hasan was also said to have shared a new target launch date of June 2023.

Though a month late from the recently anticipated launch date, it appears to be right on time for Indonesia and crypto.

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