Indonesian government will Launch Its Own crypto exchange in 2023
2023.01.04 09:58
Indonesian government will Launch Its Own crypto exchange in 2023
Budrigannews.com – According to reports, Indonesia will establish a crypto exchange in 2023 as part of its reform of crypto regulation. It is planned that the platform will go live before the authority over securities regulates commodities.
Didid Noordiatmoko, who heads the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti), said on January 4 that a crypto exchange should be set up this year. The move is part of a larger financial reform initiative that began in December 2022.
In accordance with the reform, the Financial Services Authority (FSA) will take over crypto oversight in the next two years from Bappebti, a commodities-focused agency.
On December 15, the Indonesian House of Representatives ratified the Financial Sector Development and Reinforcement bill (P2SK), making it the primary legal reference for the financial services industry. Suminto Sastrosuwito, head of the national finance ministry’s Financing and Risk Management, claimed that the bill had established the authority shift from Bappebti to the FSA:
“In fact, crypto assets have become investment and financial instruments, so they need to be regulated on an equal basis with other financial and investment instruments.”
Since 2017, crypto payments have been outlawed in Indonesia, but trading digital assets has largely remained legal. Noordiatmoko revealed in the first days of January that the value of crypto transactions in Indonesia will decrease by half in 2022, going from 859.4 trillion Indonesian rupiahs (or $55 million) to 296.66 trillion rupiahs (or $19 million).
Perry Warjiyo, governor of the Bank of Indonesia, made the announcement in December that the concept design for a digital rupiah, which would be the country’s fiat currency, would be made available for public discussion.
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