This is Why Trade Ministry Insists on Forming Indonesian Crypto Exchange

Portalkripto.com – In the near future Trade Ministry plans to form an Indonesian crypto exchange. One of the most urgent reasons is to carry out the law mandate, because currently crypto assets are listed in the commodity category.

“For commodity trading, it must be on the exchange. So it’s logical to build an exchange to create a clear, official, more organized platform,” said Deputy Trade Minister, Jerry Sambuaga, in an interview with CNBC Indonesia Profit, Wednesday, September 8, 2021.

Jerry said the crypto exchange was formed as the government effort to protect and assure crypto traders and investors in the country. After this exchange is built, there will be accountability, organized and integrated records between traders and consumers in one body.

“There will be a security guarantee for consumers. For instance, problematic sellers who eventually leave Indonesia can be held responsible,” he said.

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Furthermore, the growth of the Indonesian crypto asset is growing, resulting the government has to form a special legal umbrella right away. Besides ensuring investment activities, the government also needs to create regulations on local projects that are starting to emerge.

Ecosystem Keeps Growing

Jerry said if this ecosystem growth is accompanied by regulation and order, it will bring opportunities for Indonesia. He said there is a chance for local developers to create their own coins or tokens.

“There are a lot of foreign tokens traded. But with a good, regulated and integrated ecosystem, traders can develop their own coins and become our local mainstay to be exported abroad,” said Jerry.

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Based on data from Trade Ministry, crypto trader numbers in Indonesia has reached 6.5 million people, this number has doubled from previous years. Year 2021 is the year where crypto boom explodes in the country.

Meanwhile, in Indonesia, crypto assets are categorized as commodities which are regulated by the Commodity Futures Trade Regulatory Agency (Bappebti). Crypto assets are regulated by Bappebti Regulation No. 5 of 2019, in chapter 1 paragraph (7) it’s explained that crypto assets are intangible commodities in the form of digital assets.

AUTHOR: IQBAL LAZUARDI/PORTALKRIPTO.COM

TRANSLATOR: FARIZA AULIA

 

Disclaimer:

Trading or investing in digital assets or cryptocurrencies (Bitcoin, Ethereum, etc.) is highly risky. Before deciding to invest, first know the risks. Digital Asset trading should be done on an exchange platform registered with Bappebti.

We do not force you to buy or sell this kind of digital asset, as an investment, or as a for-profit act. Understand it first before deciding to invest in cryptocurrencies.

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