Indonesia Completely Positive about the Crypto - To launch Crypto exchange - page 2.

Leviathan.007

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Quote from: Flexystar on February 03, 2023, 08:12:08 AM

With the positive note from Indonesian Ministry of Trade, they are hoping to launch their own national crypto exchange. So this is nothing like their own digital currency but fully functioning National Crypto Exchange which will be under direct control of Indonesian Government.

This is positive because Indonesia wants individual and businesses to get involved with the crypto market alongside the stocks and shares and thus dont want to be left out of any kind of market.

Quote

Indonesia’s Ministry of Trade is reportedly aiming to roll out a national crypto exchange by June this year, six months after its previous target of December 2022.

To be honest, a few years ago when bitcoin and cryptocurrencies were mostly unknown all over the world I couldn't Imagine seeing a country in Asia like Indonesia will ever start sending all these positive signals about bitcoin and the new technologies. In recent years, we saw Indonesia and their governments starting the adoption in the country, now we can see many famous bitcoiner people and companies talking positively about Indonesia because there they will provide enough space for bitcoin and cryptocurrencies.

armanda90

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I don't think have positive impact due Indonesian Ministry of Trade will launch with own national crypto exchange, right now Bitcoin and altcoin still illegal using for transaction payment but available having Bitcoin and altcoin as investment assets. I am little laughing with my country adopted about Bitcoin as illegal transaction but government ambitious getting taxes from cryptocurrency trading transaction.

Indonesia become first countries in Asia get taxes from each transaction on local exchange market, another countries in Asian still not adopted taxes for each their local exchange market for paying taxes.

hugeblack

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There are not many details, but the creation of a government cryptocurrency platform necessarily requires government recognition, which is something I do not expect to happen, so all this news is speculation and that platform may not see the light.
I do not know why the government wants to enter by itself and not just set regulations and legislation and ensure that investors’ money is not used in the interest of the platform’s goal or manipulate it, but if that happened, it would be good news and have a positive impact.

Scripture

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It's about time for more Asian Country to start supporting crypto and start showing their strong support, its about time to let their people choose and have more freedom.
Though of course this will be a CEX but at least, their government is doing one step at a time and probably will go further in the future. In my country, there's already an approve local exchange though because of the dominance of international exchange, they seems pretty neglected by many locals, I hope they can get a good hype as well and the locals will start supporting their own exchange.

Synchronice

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Very smart move from Indonesia to attract crypto investors, customers and businesses. The fact that they plan to act as a custodian for crypto exchanges that operate in their country means that it adds an extra sense of security to use Indonesia crypto exchange because its backed by the government.
I don't know if its done only for local exchanges that operate only in Indonesian market but if they plan to help their exchanges operate worldwide and strengthen the security and offer some guarantees to its international customers, definitely a smart move but the fact that it's Indonesian will be a little bit restrictive factor because the country doesn't have that much reputation in overall to my mind.

Flexystar

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With the positive note from Indonesian Ministry of Trade, they are hoping to launch their own national crypto exchange. So this is nothing like their own digital currency but fully functioning National Crypto Exchange which will be under direct control of Indonesian Government.

This is positive because Indonesia wants individual and businesses to get involved with the crypto market alongside the stocks and shares and thus dont want to be left out of any kind of market.

Quote

Indonesia’s Ministry of Trade is reportedly aiming to roll out a national crypto exchange by June this year, six months after its previous target of December 2022.

Trade Minister Zulkifli Hasan shared the new target launch date on Feb. 2 at the opening of Crypto Literacy Month in Jakarta, noting that the government is currently reviewing which companies meet their criteria to become part of the exchange, according to local reports.

Government even wants their public to be actively involved in the same and has asked to be patient about its launch. The government is also as excited as any inidvidual would be about the Crypto exchange like this and that too backed up by Government itself.

According to the source, the clearing house of nation is involved as escrow thus securing all the trades between buyer and sellers.

I think these are some of the good steps that every nation should follow while preparing their own budgets everywhere. It could really take the crypto in right direction and can work alongside the normal assets.

Quote

There are five active crypto exchanges that are currently registered with the country’s regulators, and according to Zulkifli, the ministry’s crypto exchange could encompass all of them.

While these exchanges are currently facilitating all trades within the nation, the ministry’s exchange would act as a clearing house and custodian in the local crypto market.

A clearing house is essentially a mediator between a buyer and seller, ensuring the transaction goes smoothly. At the same time, its role as a custodian would see it manage the movement of assets between the two parties.

The trade minister urged the public to be patient with the national crypto exchange, saying: “Let us not rush because if it is not ready, things will get messy. The government does not want this to massively take a toll on the public because people do not know much [about crypto trading].”

As previously reported by Cointelegraph, Indonesia had planned to set up its crypto exchange by the end of 2022, but it was delayed due to a number of obstacles.

Indonesia targets launch of its national crypto exchange by June

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