The national cryptocurrency exchange run by the Indonesian government reportedly started operating a week ago, according to a statement from Bappebti, the agency in charge of supervising commodity futures trading in Indonesia. The platform will be the sole location in the nation where the trade of digital assets will be permitted legally.
The inauguration of the exchange on July 20 was confirmed by Bappebti. Along with the exchange, the agency also set up a futures clearing house. A clearing house acts as a middleman between a buyer and a seller, facilitating a seamless transaction.
It was previously said that Bappebti would limit cryptocurrency sales to domestic trades while keeping them in step with global market trends. A month will be given for authorized traders to join the exchange.
Since at least December 2021, the project has been in development. The project was referred to as “a catalyst for the Indonesian crypto ecosystem” by Pang Hue Kai, CEO of Tokokrypto, one of 25 regulated cryptocurrency exchanges in Indonesia that are partially controlled by Binance, in September 2022.
The launch, which was initially planned for the end of 2022, was delayed until June 2023 due to the evaluation of the exchange’s potential members. The country’s trade minister at the time, Zulkifli Hasan, stated that any active cryptocurrency exchanges with national registration might join the exchange.
The deputy minister of Indonesia’s Ministry of Trade, Jerry Sambuaga, put forth a series of legislative changes. As a result, the country is regarded as a desirable market for the Bitcoin industry, according to Bappebti data.
