• Indonesia is planning to launch a national cryptocurrency exchange in 2023.
• The government will transfer regulatory powers over such assets to the Financial Services Authority soon.
• The country’s central bank is also working on launching its digital currency (CBDC).
Indonesia is making some major moves in the cryptocurrency space. The country is planning to launch a national cryptocurrency exchange in 2023 and will transfer regulatory powers over such assets to the Financial Services Authority soon. This move could have far-reaching implications for the industry and could open up more opportunities for investors, traders, and other stakeholders.
The news was first reported by Bloomberg, which revealed that the government would launch the cryptocurrency exchange before it shifts regulatory powers over such assets to the Financial Services Authority, from a commodities agency. This latest development comes as the country is making efforts to promote the growth and development of the crypto industry.
At the moment, crypto assets in the country are traded alongside commodity contracts and are regulated by the Commodity Futures Trading Regulatory Agency, known as Bappebti. Bappebti acting head Didid Noordiatmoko revealed that as part of a broader financial sector reform, the FSA would be given regulatory power over the assets over the next two years, during which time the exchange would be established.
The country’s central bank is also in the process of launching its very own digital currency (CBDC). The Bank of Indonesia is currently in the process of developing the CBDC, which is expected to be launched in 2022. The CBDC will be used for interbank transactions and is expected to be more secure and efficient than traditional payment methods.
The move by Indonesia to launch a national cryptocurrency exchange and launch its own digital currency could be a major step forward for the crypto industry. It could open up new opportunities for investors and traders, as well as making crypto transactions more secure and efficient. It remains to be seen how the government will regulate the industry, however, as there are still a number of issues that need to be addressed.