Indonesia Plans to Launch Cryptocurrency Exchange in 2023: Report

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To open its own virtual currency exchange

Indonesia plans to launch its own cryptocurrency exchange this year. Bloomberg reported on the 4th.

Even during the crypto bear market in the country, new investors continued to enter, although volumes declined. The number of cryptocurrency investors, which was 11.2 million at the end of 2021, will increase to 16 million in November 2022.

In Indonesia, cryptocurrencies are classified as commodities and traded under the Commodity Futures Trading Supervisory Authority (Bappebti). This supervisory authority is planned to be transferred to the Financial Services Agency over the next two years as part of reforms in the financial sector, but before that, an independent cryptocurrency exchange should be established, said Bappebti’s deputy chief. said on the day.

In March 2021, the country’s deputy minister of commerce announced that the ministry would open its own exchange that handles cryptocurrencies in the near future. At the time, the deputy minister commented on the increasing trading volume of cryptocurrencies, saying, “It shows that cryptocurrencies and digital products may become new trading options in the future. “It could even be a major pillar for driving more deals.”

association: Indonesian government considers taxation on virtual currency transactions

Currently, cryptocurrencies are allowed to be traded in Indonesia, but are prohibited from being used for payments.

Situation in Indonesia

According to Japan’s Ministry of Foreign Affairs, Indonesia’s population is about 270 million as of 2020. This population ranks fourth in the world.

It has long been known that the public has a high level of interest in cryptocurrencies, and according to a report released in April last year by cryptocurrency exchange Gemini, 61% of Indonesian survey respondents said that cryptocurrencies It’s the future of money.”

association: Indonesian authorities to start imposing tax on virtual currency transactions = news

Cryptocurrency exchange Binance is also eyeing Indonesia. The company announced that it will establish an Indonesia-based digital asset exchange at the end of 2021. He explained that he will collaborate with a consortium of companies such as the venture capital department of Telkom Indonesia, a major telecommunications company in the country, to expand the blockchain ecosystem in Indonesia.

associationBinance to set up digital asset exchange in Indonesia

What is Binance

Operates a major virtual currency exchange with a large number of traded stocks, trading volume, and registered users. In addition, we are developing a wide range of businesses such as the activities of the venture capital department, the provision of educational content, and philanthropic activities. In November 2022, it announced its entry into the Japanese market.

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