Getting Ready! Indonesia Will Open National Crypto Exchange

JAKARTA – It is reported that the Indonesian government will soon establish a cryptocurrency exchange this year. The goal is to monitor cryptocurrency exchange transactions in the country.

The plan was conveyed by the Deputy Minister of Trade, Jerry Sambuaga in an online meeting, Monday, May 31. Jerry explained the formation of crypto exchanges no later than the end of the year.

"Indeed, by the end of this year an exchange will be established at the latest. We also believe that crypto circulation and flow should be more domestic rather than overseas," said Deputy Minister of Trade Jerry Sambuaga.

Jerry assessed that if a crypto exchange could be formed by the end of the year, then Indonesia would become a country that has a crypto exchange managed by the government. He added that currently other countries have not planned the same. In the United States and China, the private parties regulate crypto exchanges in both countries.

"In other countries it doesn't exist, in the US it is privately regulated, even in China it is prohibited. So if it has the potential to be profitable for us, why not, as long as the regulations are fairly regulated," said Jerry.

In addition, he also emphasized that cryptocurrencies are digital assets that can be traded. In Indonesia, crypto is not a medium of exchange that can replace rupiah. Nevertheless, Jerry admits that some people still think crypto can be used like money.

With the plan to establish a crypto exchange that is managed by the government through the Ministry of Trade and supervised by the Commodity Futures Trading Regulatory Agency (BAPPEBTI), Jerry expects cryptocurrency trading transactions to be as planned by the government.

According to him, crypto transactions are quite potential. The reason is, the transaction is able to penetrate Rp. 1.7 trillion per day.