Indonesia has taken a giant step forward by announcing intentions of setting up a national exchange for digital currencies in the coming weeks.
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Indonesia Confirms Debut of Crypto Exchange
According to a July 14 report by the local news agency Tempo, Bappebti, Indonesia’s Commodity Futures Trading Supervisory Agency (CFTRA), wants to operate a national cryptocurrency exchange in July 2023.
Didid Noordiatmoko, the organization’s head, stated on Wednesday, July 12, that Bappebti has made arrangements for the debut of the crypto exchange. “Yesterday we conducted system integration tests between traders, exchanges, clearing, and depository,” he explained.
Crypto Sales Limited to Local Transactions
As per the reports, Bappebti intends to limit cryptocurrency sales to local transactions while remaining in sync with worldwide market changes.
The report also stated that, assuming Bappebti accepts them, these would involve the matter of cryptocurrency prices. According to Noordiatmoko, all bitcoin transactions will be limited to the national exchange.
He states: “Yesterday we agreed on the stock exchange rules. So the know your customer (KYC) process and all kinds have been regulated there.”
Agreement to be Signed Soon
Bappebti contacted Trade Minister Zulkifli Hasan regarding the matter as well. If any additional instructions are given, Bappebti is going to sign the agreement, giving licensed traders one month to join the exchange.
Indonesia Understands the Potential of Crypto
The country appears to understand the immense potential of blockchain technology as well as digital assets in order to promote economic growth, financial mobility, and technical innovation. Indonesia. With an estimated population of over 270 million people, Indonasia represents a sizable market for crypto and blockchain-based products and services. Last month, Indonesia took an initiative by issuing a comprehensive list of tradable crypto assets.
On February 2, Trade Minister Zulkifli Hasan confirmed a new launch date and stated that the government is now assessing which businesses will meet their conditions to join the exchange at the start of Crypto Literacy Month in Jakarta.
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