Bappebti: “State-Backed Crypto Exchange Will Be Established This Year”

Indonesia aims to launch its highly anticipated government-backed crypto exchange by 2023, according to the Commodity Futures Trading Regulatory Authority (Bappebti). Didid Noordiatmoko, chairman of Bappebti, said the exchange will be established by 2023. He added that the exchange will be run by a private sector company instead of the government.

Indonesia is looking to create a safe space in the burgeoning digital asset industry, with a planned government-backed crypto exchange. As reported, the crypto industry lost around $4 billion worth of hacking and/or fraud in 2022. Also, a number of high-profile crypto companies went bankrupt and individual users suffered billions in losses. Along with FTX, Singapore-based Zipmex is among the top crypto exchanges to fail last year.

It is observed that interest in crypto is spreading rapidly in Indonesia. According to Bappebti, crypto-asset businesses reached 859.4 operating rupees (approximately $57.7 billion) in 2021, up from 1,224 legends from 64.9 in the past in 2020. The country also ranked 20th out of 146 economies in 2022 global cryptocurrency adoption, according to a report by Chainalysis, a blockchain analytics firm headquartered in New York City.