Crypto Transaction Value Is Down 64.3 Percent, Trade Minister Zulhas Asks People To Be Alert

JAKARTA - Menteri Perdagangan (Mendag) Zulkifli Hasan (Zulhas) mengatakan perdagangan kripto adalah bidang usaha yang memiliki risiko sangat besar. Namun, banyak orang yang tergir dengan keuntungan yang besar dan cepat.

it is very important to provide literacy and education to the public so that they are alert and understand crypto assets and their trades.

"This is very important, our society sometimes wants everything to be fast, profit quickly, move forward quickly, be famous. Therefore, they need to get complete information about the fields they enter such as crypto assets," Zulkifli said quoting Antara, Jakarta, Thursday, February 2.

The Commodity Futures Trading Regulatory Agency (CoFTRA) reported the value of crypto transactions throughout 2022 of IDR 306.4 trillion. This figure decreased by 64.3 percent compared to the previous year which reached IDR 858.76 trillion. Meanwhile, in 2020 it was recorded at IDR 64.9 trillion.

Zulkifli considered an easy rate to rise and fall so quickly, which was very risky, especially for potential customers who did not understand crypto.

"This means the risk is very high. That's why it was held yesterday, then it was given an explanation, then the rules now exist and we have reopened it. So later those who enter this field with all their opportunities, the risk is already understood," said Zulkifli.

The Ministry of Trade (Kemendag) through CoFTRA conducted a temporary suspension or moratorium on the issuance of registration permits for prospective physical crypto asset traders (CPFAK) or crypto exchanges last year.

The termination of the issuance of this permit aims to realize the physical market trading activities of crypto assets that are transparent, efficient, and effective. Currently, there are 25 Crypto Asset Trader Candidates listed on CoFTRA.

The Ministry of Trade and CoFTRA will launch a crypto exchange this year, which is expected to arrive before June 2023.

"It's just that the moratorium has been lifted, now it's preparing (crypto business). Of the 25 who have received permission, only five are active. Slowly, if you hurry, you won't be ready," said Zulkifli.