Transactions Reach IDR 2.3 Trillion per Day, Deputy Minister of Trade is Optimistic that Crypto Exchange Will Be Competitive

Crypto illustration (Photo: Doc. Antara)

JAKARTA - Deputy Minister of Trade (Wamendag) Jerry Sambuaga is optimistic that the Indonesian crypto market will be competitive. Especially with other exchanges overseas.

"I think it's very competitive because just looking at the data, the transaction volume of people investing in crypto in 2021 is IDR 859.4 trillion, IDR 2.3 trillion per day, imagine the average per day is IDR 2.3 trillion," Jerry quoted Antara.

Jerry said the massive number of crypto transactions showed the enthusiasm of the public and business actors in the crypto asset market in Indonesia.

According to him, crypto assets which are increasingly popular as investment instruments in Indonesia are the impact of technological advances that cannot be avoided.

Instead, it is necessary to respond more adaptively through regulation and the provision of supporting facilities.

Currently, the regulation regarding crypto exchanges is still under the Ministry of Commerce with reference to the Financial Sector Development and Strengthening Act (UU P2SK) before being transferred to the Financial Services Authority (OJK).

Furthermore, Jerry said that the rules regarding the imposition of fees are currently being prepared and discussed with other stakeholders.

"We have an association of crypto asset traders, and we will also work together later with the Investment Alert Task Force, then also with the OJK and all. Anyway, all relevant stakeholders will later discuss it together and will also review it comprehensively," said Jerry.

The Indonesian crypto exchange was created to provide regulation, facilitate and protect consumers.

"With this crypto exchange everything will be more comprehensive, regulations, policies, policies and of course arrangements that can prioritize transparency, accountability and also of course ensure that actors and business people once again," he said.