The government of Indonesia is moving forward with its plans to launch a national cryptocurrency exchange and expects to debut the platform in the coming weeks.
Indonesia’s Commodity Futures Trading Supervisory Agency (CFTRA), also known as Bappebti, plans to launch the national crypto exchange in July 2023, local news agency Tempo reported on July 14.
Bappebti head Didid Noordiatmoko reportedly said all cryptocurrency transactions would be only allowed to take place using the national exchange.
“Yesterday we agreed on the stock exchange rules,” the official said, adding that the discussions involved Know Your Customer (KYC) procedures. Didid also noted that trading on the exchange would be offered through an integrated application, which the CFTRA has already tested.
“Yesterday we conducted system integration tests between traders, exchanges, clearing, and depository,” Didid said, according to the news agency.
The official also reportedly noted that Bappebti plans to restrict cryptocurrency sales to local transactions, while keeping them in line with international market developments. These would include the question of crypto prices, provided Bappebti approves them, the report added.
Bappebti also informed Trade Minister Zulkifli Hasan about the development. If there are no other instructions, Bappebti will sign the permit, which will give licensed traders one month to join the exchange, Didid reportedly stated.
Related: Tourists are unhappy with crypto payments ban in Bali
As previously reported, Indonesia’s Ministry of Trade was aiming to launch the national cryptocurrency exchange in June 2023. The previous target was December 2022, but the project was delayed.
The initiative began in 2021 when the owners of a state-backed telecom firm in Indonesia announced a joint venture with Binance to launch a joint cryptocurrency exchange. In late 2022, Binance increased its shareholding in the Indonesian crypto asset trader Tokocrypto.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.