Indonesian Government to Launch Crypto Bourse This Year, Official Says – Exchanges Bitcoin News

A senior government official has revealed that the Indonesian government will launch a cryptocurrency exchange later this year. “We will ensure that all necessary requirements, procedures and steps have been taken,” he stressed.

Crypto Bourse Coming Soon in Indonesia

The Indonesian government is planning to launch a cryptocurrency exchange by the end of the year, Dealstreetasia report Wednesday, quoted Indonesian Deputy Trade Minister Jerry Sambuaga.

Speaking on the sidelines of WIR Group’s NXC 2022 International Summit in Bali, the commerce minister explained that the cryptocurrency exchange initiative is part of the government’s efforts to protect consumers. amid growing interest in cryptocurrencies.

Originally set to launch in 2021, the exchange’s launch was postponed due to the complexity of the process, the publication said.

“We will ensure that all necessary requirements, procedures and steps are taken,” Sambuaga was quoted as saying. “This is proof that we are being careful. We don’t want to rush it because it might cause us to miss something.” He clearly stated:

Creating a bourse takes a lot of preparation. We need to see what entities should be included in bourse.

“Second, we need to confirm said entities,” continued the government official. “Third, there are minimum capital and other requirements related to custodial custody, technical things.”

Tokocrypto CEO Pang Xue Kai believes that a cryptocurrency exchange can help increase the number of participants in the crypto space and interest from institutional investors. Tokocrypto is one of 25 cryptocurrency exchanges licensed by the Commodity Futures Trading Authority of Indonesia (Bappebti).

Pang selected:

The industry will grow, we will start to see more local projects.

Indonesia allows trading of crypto assets as commodities but does not recognize cryptocurrencies as a means of payment. In April, the General Department of Taxation Indonesia said have set income tax (PPh) on capital gains from crypto investments and value added tax (VAT) on crypto purchases at 0.1%.

In January, the Indonesian Financial Services Authority (OJK) warning that financial companies are not allowed to offer and facilitate the sale of crypto assets. However, the country’s Minister of Commerce Muhammad Luthfi said last September that the Indonesian government won’t ban cryptocurrencies like China did. However, Indonesia’s top Islamic authority, the country’s agency for Shariah observance, has declare haram cryptocurrency, prohibited for muslims under islamic law.

Cryptocurrency transactions in Indonesia grew 1.224% to 859.4 trillion rupiahs ($57.5 billion) in 2021 from 64.9 trillion in 2020, according to Bappebti. In the first six months of this year, there were 15.1 million crypto users in Indonesia, trading cryptocurrencies worth 212 trillion rupia.

What do you think about the Indonesian government launching a cryptocurrency exchange? Let us know in the comments section below.

Kevin Helms

An Austrian Economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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