Indonesia’s Ministry of Commerce is said to be aiming to launch a national cryptocurrency exchange by June this year, six months later than its previous target of December 2022.
Commerce Minister Zulkifli Hasan shared the new target release date at the opening ceremony of Crypto Literacy Month in Jakarta on Feb. 2, noting that the government is currently studying which companies meet the admission criteria to be part of the exchange.
Commerce Minister Dzulkefly Hassan. Source: owntalk.co.id
There are currently five active cryptocurrency exchanges registered with the country’s regulator, and according to Zulkifli, the ministry’s list of cryptocurrency exchanges could include all of them.
While these exchanges are currently facilitating all transactions in the country, the ministry’s exchanges will act locally as clearinghouses and custodians for the cryptocurrency market.
A clearinghouse is essentially a mediator between buyers and sellers, ensuring that transactions go smoothly. At the same time, as a custodian, manage the flow of assets of both parties.
The Secretary of Commerce urged the public to be patient with the national cryptocurrency exchange, saying:
“Let’s not rush because if it’s not ready, things will be messy at first. The government doesn’t want this to cause huge damage to the public because people don’t know much about crypto transactions.”
Indonesia had planned to establish its own cryptocurrency exchange by the end of 2022, but the plan was delayed due to several obstacles.
Crypto assets in the country are currently traded alongside commodity contracts and regulated by the Commodity Futures Trading Regulatory Authority, also known as Bappebti, but with the creation of the national exchange, oversight will be transferred to the Financial Services Authority.
The regulatory changes come in response to new cryptocurrency regulations approved on Dec. 15, which treat cryptocurrencies and other digital assets as regulated financial securities.
On December 5, Bank Indonesia Governor Perry Warjiyo announced that their planned central bank digital currency will be the only legal digital currency in the country. .
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As reported by Cointelegraph
