Minister Of Trade Zulhas Admits Making Crypto Exchange Is Difficult, Targets Will Be Delayed?

JAKARTA - The Minister of Trade (Mendag) Zulkifli Hasan said that forming a crypto exchange is not an easy matter.

He also admits it is quite difficult.

Even so, Zulhas, who is familiarly known as Zulkifli Hasan, emphasized that the establishment of a crypto exchange will not back down from its target. He said the exchange would be completed by June and not later than July 2023.

"Hopefully (June-July), because crypto is more difficult, but the commodity already exists," he told reporters, Tuesday, March 7.

As information, the government continues to encourage the formation of crypto exchanges in Indonesia. Bearing in mind, crypto assets are in third place in investment instruments in Indonesia based on a survey from the Center of Economic of Law Studies (Celios).

As previously reported, Zulhas revealed that the Indonesian crypto exchange would be coming soon before June this year. The increasing number of crypto asset trading players in Indonesia (more than 16.55 million people) is one of the reasons why crypto exchanges are offered.

Early last January, the Ministry of Trade revealed that the existence of this crypto exchange would make it easier for CoFTRA to obtain information from exchangers or trading actors.

“Of the 25 existing crypto exchanges, only about 5 are active. Hopefully, we will have a crypto exchange, and before June we will have launched the Indonesian crypto exchange," said Trade Minister Zulkifli at the 2023 Crypto Literacy Month event, which was held on Thursday, February 2 in Jakarta.

Acting Head of CoFTRA Didid Noordiatmoko said the increase in crypto asset payments in Indonesia was not accompanied by further literacy about this industry.

"Many people don't really understand crypto assets. In Indonesia alone there are 16.55 million crypto asset customers, but the level of understanding is not going well. There are still platforms that have not been registered with Bappebti," Didid said.