Search
Search
Indonesia Launches Crypto Exchange

Indonesia Launches Crypto Exchange

0
0

213 Listen to this article The Indonesian government finally established a national cryptocurrency exchange after months of deliberation in order […]

Latest News

Listen to this article

The Indonesian government finally established a national cryptocurrency exchange after months of deliberation in order to create a transparent and equitable market environment for crypto assets and better protect investors. In accordance with a government declaration made on July 20, the market has been active since July 17. The country’s Commodity Derivatives Trading Regulatory Agency head, Didid Noordiatmoko, issued the following statement: 

Noordiatmoko said that however, emphasized the erratic nature of cryptocurrencies and encouraged Indonesians to exercise caution when trading. The exchange wants to operate similarly to the New York Stock Exchange, a market where members of the public are able to trade assets in a secure environment under strict regulation. 17.54 million people in the nation currently use digital assets, pursuant to the official statement. That represents around 6.4% of the 273.8 million people in the nation.

Indonesia ranks as 20th country for crypto adoption

For such a big economy, Indonesia’s stance on cryptocurrencies is quite unusual. approving them as transactions but forbidding their use as a means of payment. The Southeast Asian nation hasn’t always been on the bleeding edge of technology and is considered to be among the most conservative throughout the world by certain standards. Indonesia only came in at position 75 out of 132 nations surveyed in 2022, per the Global Innovation Index.

There is a lot at stake because the Jakarta administration estimates that Indonesia’s economy may earn as much as $2.8 trillion from the use of technology by 2040. When it pertains to cryptocurrencies, the nation has defied the trend. In terms of adoption, it is currently ranked 20th in the world, surpassing far “tech-friendlier” countries. The most traded electronic currencies, according to the official announcement, were Tether (USDT), Ethereum (ETH), Bitcoin (BTC), and Ripple (XRP). An obvious indication that many people wish to use cryptocurrencies to benefit from the enduring value of the US dollar.

Read Also:  More Hong Kong Banks Set to Join Digital Yuan Pilot, Gov’t Confirms

A nationwide crypto asset bourse was supposed to go live in 2021, but delays stopped the project from succeeding. Indonesia’s deputy trade minister, Jerry Sambuaga, said afterwards in September 2022 that the bourse will likely open at the end of the following year. The government claimed that now that the cryptocurrency asset exchange was running, it would give authorities access to data on transactions and guarantee strong investor protection. 

To boost investor security and increase regulation of the cryptocurrency industry, the government of Indonesia has launched the nation’s crypto exchange and clearing house. After making its initial announcement in 2021, the new digital currency marketplace has now officially launched. According to the country’s Commodity Derivatives Trading Regulatory Agency – Bappebti, Indonesia’s cryptocurrency exchange started trading earlier this week. This development coincides with the government’s changeover in regulatory control. Indonesia’s finance minister, disclosed the government’s intentions to shift control of crypto investments to the Financial Services Authority (OJK) in November 2022. The Trade Ministry and Bappebti were in charge of regulating cryptocurrency activity in the nation of Southeast Asia.

FAQs

Q1. Where does India stand in the bitcoin world?

According to a recent research by blockchain analysis company Chain analysis, India, which is the region leading Southern Asia and Oceania, there was $172 billion recorded in cryptocurrency transactions during July 2021 and June 2022, placing it fourth in the world for cryptocurrency adoption.

Q2. Why is acceptance of cryptocurrencies a problem?

Inadequate Regulatory Frameworks The fact that cryptocurrencies are comparatively uncontrolled is one of the key obstacles preventing their widespread adoption. 

Read Also:  FASB Affirms Adoption of 'Fair Value' Approach for Corporate Cryptocurrency Holdings
Q3. What advantages come with the use of cryptocurrencies?

Businesses should think about the advantages of using cryptocurrencies, such as improved security, lower transaction costs, and faster payments. Adopting cryptocurrencies could draw in new clients interested in using electronic payment methods.

Q4. Which nation is most crypto-friendly?

Switzerland maintains to set the bar for financial innovation and has become one of the greatest crypto-friendly nations in the world.

Q5. Does crypto benefit developing nations?

According to market research, third-world countries may gain from prospective cryptocurrency use cases such as money transfers, microfinance, savings, and verification of identity.

For the Latest Crypto News follow the Coinography and Subscribe our YouTube channel or follow us on social media platforms like Twitter, Facebook, Instagram and Linkedin.  

You Might Also Like

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Bitcoin ETFs Surge as Investors Seek Exposure Coinbase, Andreessen Horowitz, and Ripple have joined forces to fund a new crypto DMM Bitcoin Hit by $305M Hack Ripple Releases 1 Billion XRP Tokens What to Expect from Bitcoin’s Price Rally in H2 2024 Trump’s MAGA Coin Soars 7% While Biden Parody Sinks Amid Ex-President’s Trial — NFTs Hold Steady Analyst Warns About Dogecoin Decline CME Denies Solana Futures Plans Amid Growing Rumors Can PEPE flip Polygon? Market cap race heats up! Why Bitcoin Price Is Down Today? Cristiano Ronaldo Launches 4th NFT Collection on Binance Amid $1B Lawsuit Coinbase Alleges SEC Dodging Howey Test in New Appeal Ethereum ETFs Granted Official Approval by SEC Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase