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Indonesia is going to launch national crypto exchange

The government of Indonesia remains firm in its plans to launch a national cryptocurrency exchange and expects the platform to be up and running within weeks.

Launch is this month

According to local news agency Tempo, Indonesia’s Commodity Futures Trading Supervisory Agency (CoFTRA), also known as Bappebti, plans to launch the national crypto exchange in July 2023.

Didid Noordiatmoko, the head of Bappebti, has reportedly stated that all cryptocurrency transactions will be exclusively through the upcoming national exchange.

“We reached an agreement on the rules for the exchange yesterday,” the official said. He added that the discussions related to the regulation of the Know Your Customer (KYC) process. Didid also noted that trading on the exchange will be facilitated through an integrated application, which CoFTRA has already tested.

“We performed system integration tests between merchants, exchanges, clearing and deposit yesterday,” Didid added, according to the news agency.

Restrict crypto sales to local transactions

According to the report, Bappebti also plans to limit cryptocurrency sales to local transactions, while keeping it in line with international market developments. This includes the issue of crypto prices, provided they are approved by Bappebti.

Bappebti also informed Commerce Minister Zulkifli Hasan of the development. Unless there are other instructions, Bappebti will sign the license, giving licensed traders one month to join the exchange, Didid said.

It was previously reported that the Indonesian Ministry of Commerce was aiming for the launch of the national cryptocurrency exchange in June 2023. The original goal was December 2022, but the project was delayed.

The initiative began in 2021 when the owners of a state-backed telecom company in Indonesia announced they would enter into a joint venture with Binance to launch a joint cryptocurrency exchange. In late 2022, Binance increased its stake in Indonesian crypto asset trader Tokocrypto.

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