The Government Will Soon Present A Crypto Exchange To Encourage A Better Ecosystem

The government plans to introduce a crypto exchange in Indonesia. (The Scottish)

JAKARTA - Cryptocurrencies are increasingly being eyed by various groups in Indonesia. In response to this, the government through the Ministry of Trade (Kemendag) will establish a crypto exchange in early 2022. This was conveyed at the inauguration of the Tokocrypto T-Hub in Batu Belig, Bali, Friday, January 21 yesterday.

Undersecretary of Commerce Jerry Sambuaga said that the crypto exchange will be established in the first quarter of this year. The exchange was founded on the basis of reviving and creating a better asset ecosystem.

"Hopefully, God willing, the crypto exchange will be present in the first quarter of this year," said Jerry.

Jerry said that the presence of this exchange would increase the integration between consumers and traders. Furthermore, the 36-year-old man said that this exchange is also to ensure the safety and protection of consumers.

"Currently buying and selling directly to traders. With the presence of the exchange, this will be more accountable, clearing, custodianship, recording, records, and others are more integrated between consumers, traders, and of course the most important thing is to provide safety and protection for consumers. This is our concern at the Ministry of Trade," he explained.

This exchange, said Jerry, will revive, create, create a good and healthy ecosystem that will grow many other traders who will participate in the exchange. In addition, with the development of crypto assets, it will improve other sectors, such as the creative economy, tourism, and derivative businesses such as insurance and so on.

"In the end, it can revive MSMEs, Indonesian products. We are proud to be able to make our own tokens or coins," added Jerry.

The Ministry of Trade noted that as of December 2021, there were already 11.2 million crypto asset customers in the country. In addition, transactions have reached Rp. 859 trillion with daily transactions reaching Rp. 2.7 trillion.