Indonesia to launch its national cryptocurrency exchange in June
As announced by the Governor of the Bank of Indonesia, the launch is scheduled for this year
The Indonesian Ministry exchange will be a clearinghouse and custodian in the local cryptocurrency market, meaning it will act as a mediator between a buyer and a seller and manage the movement of assets between the two parties.
Currently, there are five exchanges registered with the country’s regulators, but the one created by the Ministry could include them all.
The Trade Minister urged citizens to be patient with the national cryptocurrency exchange, noting that the government does not want it to negatively affect the public. The cryptocurrency exchange had previously been planned to be established by the end of 2022, but was delayed due to a number of hurdles.
In Indonesia, crypto assets are currently traded alongside commodity contracts and are overseen by the Commodity Futures Trading Regulatory Agency, but regulatory power will shift to the Financial Services Authority upon the creation of the national exchange. This regulatory change is in response to the new cryptocurrency regulation ratified in December 2022, which recognizes cryptocurrencies as regulated financial securities.
The Governor of Bank Indonesia recently announced that the digital currency that the central bank planned to launch would be the only legal tender in the country.
K. Tovar
Source: Cointelegraph
(Referential image source: file)
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