According to the most recent information, Indonesia intends to continue operating a cryptocurrency exchange as part of its ongoing effort to update the regulatory framework that governs cryptocurrencies. Exchange of cryptocurrency In the year 2023.
It is anticipated that users will have the ability to use the platform prior to the transition in regulatory power between the commodities authority and the securities authority.
Didid Noordiatmoko is the head of the Commodity Futures Trading Regulatory Agency of Indonesia. He announced on January 4th that a cryptocurrency trading platform must be created in Indonesia.
This step is part of larger efforts to restructure and reform the financial system.
This shift will result in the Financial Services Authority taking over supervision of cryptocurrency from Bappebti (an institution that focuses primarily on commodities). The change (FSA) will be implemented.
The Financial Industry Development and Reinforcement legislation, (P2SK), was approved by Indonesia’s House of Representatives on December 15, 2018. It will now be the main legal reference for the financial services sector. This change will be effective January 1, 2019.
Although the Indonesian government has banned the use of cryptocurrency for payments since 2017, it is widely accepted that trading digital assets in Indonesia is legal. Despite the fact that Indonesia’s government has prohibited the use of cryptocurrency for payments, this is still the case.
Noordiatmoko stated in January that cryptocurrency transactions in Indonesia declined by half in 2022. It dropped from 859.4 trillion Indonesian Rupees ($55 million), to 296.66 Trillion ($19 million). This information was made public in January’s first few days.
Perry Warjiyo the Governor of Bank of Indonesia announced that the design of a digital currency (a currency that would be equivalent to the country’s fiat currency) would be available for public debate. The digital rupiah would be “a currency that will be the equivalent to the country’s fiat currencies,” he said.