Indonesia Plans First Government-Backed Crypto Exchange

Indonesia plans to launch the world’s first national government-backed crypto exchange by June 2023 at the latest. The Indonesian government is currently conducting an investigation to determine which company meets all the requirements to participate in the cryptocurrency exchange. Of the 25 entities currently registered with the Commodity Futures Trading Regulatory Authority as “physical traders of crypto assets,” there are currently only five functioning crypto exchanges, commonly known as crypto exchanges.

According to Commerce Minister Zulkifli Hasan, the ministry-run cryptocurrency exchange has the potential to include the five physical traders mentioned above. Minister of Commerce Zulkifli Hasan made the following statement:

“Now that we have regulations and have made some improvements, hopefully we will have a crypto exchange before June.”

The Minister of Commerce also asked the public to be patient with the crypto market as the government recently lifted the license embargo for new crypto exchanges. In light of this latest development, Zulkifli urged the public to wait until the launch date for the new exchange. The ecosystem of the thriving crypto market is expected to have some form of exchange and protector once it is fully formed to bring order to the currently existing chaos.

“Let’s not rush because things will get messy if he’s not ready. The government doesn’t want it to have a big impact on the public because people don’t know much.”

In addition, while talking about the potential risks of digital asset trading, Zulkifli noted that while the Indonesian Crypto Asset Traders Association confirmed that the new venture will bring huge profits, it could also cause a large amount of losses. The Indonesian Ministry of Commerce has announced that it will improve all rules associated with cryptocurrencies, especially after the failure of cryptocurrency exchange FTX.