Indonesia’s government has announced the continuation of its project to launch a national cryptocurrency exchange and expects it to be ready within a matter of weeks. Reasons for the government’s launch of the exchange include better protection for investors and somewhere to provide regulators with transaction records, according to Reuters. The exchange will be launched by Indonesia’s Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti. The head of Bappebti reportedly stated that that all crypto transactions in the country would only be allowed through the national exchange being launched in a couple days, and more specifically through an integrated application.
This is an interesting development for Indonesia, especially considering the country bans the use of cryptocurrencies as a means of payment, but allows investments in the assets. Cryptocurrencies remains very popular in the country, as roughly 17 million people in Indonesia have invested in the assets. Therefore, by all accounts, the launch of the national exchange will be a success, especially if considering that the initiative began back in 2021, when a state-backed telecom firm announced the joint venture alongside Binance, and has therefore been in the workings for years.
