Back in January 2023, the Indonesian government announced its plan to launch a national crypto exchange. According to a recent Bloomberg report, the exchange is set to go live this month. Didid Noordiatmoko, Head of the Commodity Futures Trading Regulatory Agency [locally known as Bappebti] revealed that the government is close to appointing companies that will run trading. However, he did not disclose their names.
Indonesian media house Tempo further brought to light how Bappebti has been preparing for the launch of the crypto exchange. The agency has reportedly written to Trade Minister Zulkifli Hasan and submitted plans regarding the crypto exchange. If there are no other instructions, Noordiatmoko will sign the permit. This, in turn, will give licensed traders one month to join the exchange. Noordiatmoko clarified that once launched, the national crypto exchange will be the only platform allowing crypto transactions in Indonesia. The agency’s head further revealed,
“Yesterday we conducted system integration tests between traders, exchanges, clearing, and depository.”
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Cryptos traded to be ‘local’
As far as the crypto assets to be sold are concerned, Didid reportedly asserted that the agency wants them to be “local but still abreast of international market developments, including the question of prices, provided they are approved by Bappebti.”
As reported at the beginning of the year, there were around 383 crypto assets and 10 local coins that could be traded in Indonesia. Parallelly at that time, another 151 assets and 10 coins were under review by Bappebti.
Alongside, it is worth recalling that digital assets had been trading alongside commodity contracts under the supervision of Bappebti. However, Noordiatmoko confirmed a few months back that the securities agency, the FSA, will assume regulatory power over the assets over the next two years.
Indonesia has also been making strides on the CBDC front. In Q4 2022, the central bank launched a white paper on digital currency for Rupiah. Bank Indonesia [BI] followed the path of other federal banks around the world that have been trying and testing their own central bank digital currencies. Once the exchange is launched, all crypto transactions can only be done through the exchange.
Also Read: 93% of Banks Working on CBDCs: India, EU, UK, Intently Exploring