• The Indonesian Trade Ministry is planning to set up a national cryptocurrency exchange before June 2023.
• Out of the 25 registered crypto exchanges in the country, five are currently being reviewed to be part of the bourse.
• The moratorium on the issuance of new crypto exchange licenses was recently lifted to clear regulations.
Indonesia is taking big strides towards the adoption of cryptocurrency as the country’s Trade Ministry is planning to set up a national crypto exchange before June 2023. The exchange, which is part of the regulatory reforms adopted by the Indonesian House of Representatives in December, is aimed at helping the country become a major player in the global cryptocurrency market.
The ministry is currently reviewing five out of the 25 registered crypto exchanges in the country that may be part of the national bourse. Trade minister Zulkifli Hasan said all five exchanges might be part of the ministry’s crypto exchange and that they should not rush the process as it could get messy if not done properly.
The Indonesian government had placed a moratorium on the issuance of new crypto exchange licenses, which had attracted criticism from those who believed the government was making things unnecessarily difficult. However, the moratorium was necessary to clear the regulations, Hasan said. The moratorium was recently lifted, and the government is now working towards setting up the exchange as part of its commitment to promote cryptocurrency in the country.
The exchange is expected to offer a safe and secure platform for trading digital assets and provide local investors with a wide range of investment opportunities. It is also expected to help the country become a hub for cryptocurrency trading and create new jobs in the process.
The establishment of the national crypto exchange will put Indonesia at the forefront of the global cryptocurrency revolution, and it could potentially bring in a new wave of economic growth and development in the country.