Indonesia’s Ministry of Trade is reportedly aiming to roll out a national crypto exchange

According to reports, the Ministry of Trade in Indonesia is planning to launch a national cryptocurrency market by June of this Year. This would be six more months than the previous goal date of December 2022 set by the ministry.

On February 2, in Jakarta, Trade Minister Zulkifli Hazan announced the new launch date. He also noted that the government is currently reviewing whether companies meet the criteria to be part of the exchange. Local reports claim that the government is currently reviewing which companies have met the requirements to be included in the exchange.

Zulkifli claims that all five operating cryptocurrency exchanges currently registered with the country’s authorities could be part of the new cryptocurrency exchange the ministry intends to launch.

Although these exchanges enable transactions in the country, the ministry will manage the exchange. It will also serve as a clearinghouse for local cryptocurrency markets and a custodian.

Clearing house is a third-party that acts as a mediator for buyers and sellers to make sure that the transaction goes smoothly. It would also be responsible for managing assets transfers between the parties, as part of its role as a custodian.

The Minister for Trade appealed to the public to be patient in the creation of a national cryptocurrency exchange. Because the public lacks a lot knowledge [about crypto trading]This is not something the government wants to have an impact on the people.

Bappebti is the name of the Commodity Futures Trading Regulatory Agency. It oversees the trading of cryptocurrency assets and commodity contracts. The Financial Services Authority will take over the regulation authority once a national exchange is established.

This legislation change is directly due to new cryptocurrency rules, which were enacted December 15, 2018. These regulations recognize cryptocurrencies and digital assets as financial instruments that are regulated.

Perry Warjiyo (the governor of Bank of Indonesia) announced on December 5th that a digital currency the central bank intended to issue would be the only digital legal tender in the nation.

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