The Indonesian government is making plans to establish a national cryptocurrency exchange. The platform will launch within the next few weeks and will be the only platform allowing crypto transactions in the country.
The Indonesian Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti, intends to launch the national cryptocurrency exchange in July 2023, according to a July 14 report by the local news agency Tempo.
According to Didid Noordiatmoko, the president of Bappebti, all cryptocurrency transactions will be restricted to the national exchange.
“Yesterday, we reached an agreement on the stock exchange rules,” the official said, adding that Know Your Customer (KYC) procedures were discussed.
Didid also mentioned that trading on the exchange would be accessible via an application that the CFTRA has already tested.
“Yesterday, we conducted system integration tests between traders, exchanges, clearing, and depository,” Didid told a news agency.
According to the official, Bappebti intends to restrict cryptocurrency sales to local transactions in Indonesia while maintaining them in line with global market developments. The report added that these would include cryptocurrency prices, assuming Bappebti approves them.
Bappebti also informed Minister of Trade Zulkifli Hasan of the development. According to Didid, if there are no further instructions, Bappebti will approve the permit, allowing licensed traders one month to join the exchange.
According to previous reports, the Indonesian Ministry of Trade intended to launch the national cryptocurrency exchange in June 2023. The last deadline for the project was December 2022, but it was delayed.
In 2021, the proprietors of an Indonesian state-owned telecommunications company announced a joint venture with Binance to launch a cryptocurrency exchange.
Binance increased its stake in the Indonesian crypto asset exchange Tokocrypto at the end of 2022.
