The Indonesian government resumed its plan to create a digital asset exchange, first publicly announced in 2021. The so-called “cryptocurrency exchange” is planned for the end of 2022.
According to DealStreetAsia, Indonesian Deputy Trade Minister Jerry Sambuaga confirmed during the NXC 2022 International Summit in Bali that the country is still planning to launch the crypto exchange, although the entire project has been delayed due to additional preparations.:
“We will make sure that all the necessary requirements, procedures and steps have been met.”
Sambuaga also outlined some unavoidable preparatory tasks before launch, such as an assessment of entities that “might go public” and the establishment of minimum requirements for them.
The CEO of Tokokrypto, one of the 25 cryptocurrency exchanges licensed in Indonesia, with a large share of Binance, Pang Hue Kai, called the exchange project a catalyst for the Indonesian cryptocurrency ecosystem.
The first announcement of the national crypto exchange in Indonesia appeared in December 2021. At that time, a joint venture was said to be launched by the venture capital arm of state-owned telecommunications company PT Telkom Indonesia and one of the world’s largest cryptocurrency exchanges, Binance.
In an attempt to diversify your assets, Indonesian tech company PT GoTo Gojek Tokopedia Tbk bought a local cryptocurrency exchange, PT Kripto Maksima Koin, for Rs 124,840 crore ($8.38 million).
According to data from the Indonesian Commodity Futures Trading Regulatory Agency in 2021, the total trading volume of crypto assets in Indonesia increased by more than 1,000% compared to 2020, to 859.4 trillion rupees ($57.7 billion). . Approximately 4% of the country’s population, which is just under 11 million people, has invested in cryptocurrencies.
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