Indonesia National Exchange Open in the end of July 2023, Is bullish Start?

TimeTeller

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Quote from: dansus021 on July 26, 2023, 07:22:50 PM

Quote from: justdimin on July 26, 2023, 08:06:45 AM

I do agree that tax could be one of the biggest reasons for this. After all if you have a national exchange, you can literally cut the tax right out of the account in the exchange without needing any extra paperwork. That would mean that anyone who uses this, is forced to pay taxes by just simply using it. That's why it looks like it would make sense, for the government of course not for the traders.

In the end, I am guessing that it is going to be a bit of a different situation, like such as people trying to find other alternative ways to get bitcoin, because when government does stuff like this, there are majority who uses it, but there is a minority that wants to find another way without getting caught and pay that taxes and give information.

I know right, maybe this makes crypto more centralized but at least people have peace of mind when gov regulates crypto in a good way. and its just like a win win solution government have their money and people can easily exchange crypto.

Indonesia that I know had lot of Centralized Exchange and according the Tripe A survey that "It is estimated that 12 million people, 4.5% of Indonesia’s total population, currently own cryptocurrency.¹" - https://triple-a.io/crypto-ownership-indonesia-2022/

This move will give more confidence to their noncrypto users that crypto is not a fraud after all.
Because let us admit that some people are still in doubt with crypto because they thought this is illegal market and scammers are just the ones using it.
That 4.5% for sure will further increase in the years to come now that their government is already in this industry.
Other neighboring countries may soon follow, though a lot of them have their own private local exchanges already.
But it is different if the government itself is having their own exchange because the image it is implying to this market is quite positive.

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Quote from: justdimin on July 26, 2023, 08:06:45 AM

Quote from: dansus021 on July 24, 2023, 10:19:20 PM

Quote from: AakZaki on July 24, 2023, 04:06:24 PM

Maybe Indonesia will become a starter country that supports cryptocurrencies including bitcoin, so that other developing countries start to adopt bitcoin too. There will be many hurdles for sure, but the Indonesian government's decision to launch their own local exchange is a bold and willing one to accept crypto as a valuable digital asset. Even though it is centralized and requires KYC, it is everyone's choice. There are facilities provided by the government to trade legally so that it does not violate the rules that have been set.

I do agree with you maybe it can pave the way for other countries that crypto is not that bad and in the other hand you know that Government like Tax so much hehehhe if this exchange open there will be another income for government.

Im still likes gov like this rather than banning anything related to crypto.

I do agree that tax could be one of the biggest reasons for this. After all if you have a national exchange, you can literally cut the tax right out of the account in the exchange without needing any extra paperwork. That would mean that anyone who uses this, is forced to pay taxes by just simply using it. That's why it looks like it would make sense, for the government of course not for the traders.

Probably, and it's just like government that allows casino to run into their country. It's heavily tax but gamblers are not playing and giving and paying to taxes to the government. But in this case, if you have a account to the local back exchanges, they can track you down and you have to pay them taxes. There is no such escape as like other crypto exchanges if there is one in Indonesia or at least they are allowed by the government to operate.

Quote from: justdimin on July 26, 2023, 08:06:45 AM

In the end, I am guessing that it is going to be a bit of a different situation, like such as people trying to find other alternative ways to get bitcoin, because when government does stuff like this, there are majority who uses it, but there is a minority that wants to find another way without getting caught and pay that taxes and give information.

Yeah, we all know that there is other ways to get bitcoin, just like when Chinese government drove all of the exchanges in their country like Binance in 2018. For sure many Chinese are still into Bitcoin and most likely trading in their country or outside thru P2P or other methods. But there is a caveat, you have to take that risk because if you are caught then definitely you have to pay the government taxes.

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Quote from: yudi09 on July 26, 2023, 06:35:13 AM

Quote from: AakZaki on July 24, 2023, 04:06:24 PM

Maybe Indonesia will become a starter country that supports cryptocurrencies including bitcoin, so that other developing countries start to adopt bitcoin too. There will be many hurdles for sure, but the Indonesian government's decision to launch their own local exchange is a bold and willing one to accept crypto as a valuable digital asset. Even though it is centralized and requires KYC, it is everyone's choice. There are facilities provided by the government to trade legally so that it does not violate the rules that have been set.

The awareness of Indonesian citizens with the presence of an exchange facilitated by the government will directly have a positive impact, especially for the investors I have mentioned above in responding to the OP topic.
I agree that this is a brave decision to make even though it is still in its early stages after so much planning.
The government needs to expand education to citizens about crypto, including KYC issues, even though KYC is everyone's choice.

I am not sure if they need KYC all that much. They are the government so if you provide them with just your ID and nothing more, then that's KYC enough, they do not need anything else. Hell I am sure that you do not even need images, just ID number would be more than enough. That should be the case in every single approach and also if they can educate people more about bitcoin then they should start with how to store it safely and show them how they store it safely.

If people can trust the exchange then they will keep their money in there, sure it is "not your keys not your money" type of situation but this time around we are talking about a whole government and that should mean that they would be capable of protecting it better.

dansus021

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Quote from: justdimin on July 26, 2023, 08:06:45 AM

I do agree that tax could be one of the biggest reasons for this. After all if you have a national exchange, you can literally cut the tax right out of the account in the exchange without needing any extra paperwork. That would mean that anyone who uses this, is forced to pay taxes by just simply using it. That's why it looks like it would make sense, for the government of course not for the traders.

In the end, I am guessing that it is going to be a bit of a different situation, like such as people trying to find other alternative ways to get bitcoin, because when government does stuff like this, there are majority who uses it, but there is a minority that wants to find another way without getting caught and pay that taxes and give information.

I know right, maybe this makes crypto more centralized but at least people have peace of mind when gov regulates crypto in a good way. and its just like a win win solution government have their money and people can easily exchange crypto.

Indonesia that I know had lot of Centralized Exchange and according the Tripe A survey that "It is estimated that 12 million people, 4.5% of Indonesia’s total population, currently own cryptocurrency.¹" - https://triple-a.io/crypto-ownership-indonesia-2022/

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Quote from: dansus021 on July 24, 2023, 10:19:20 PM

Quote from: AakZaki on July 24, 2023, 04:06:24 PM

Maybe Indonesia will become a starter country that supports cryptocurrencies including bitcoin, so that other developing countries start to adopt bitcoin too. There will be many hurdles for sure, but the Indonesian government's decision to launch their own local exchange is a bold and willing one to accept crypto as a valuable digital asset. Even though it is centralized and requires KYC, it is everyone's choice. There are facilities provided by the government to trade legally so that it does not violate the rules that have been set.

I do agree with you maybe it can pave the way for other countries that crypto is not that bad and in the other hand you know that Government like Tax so much hehehhe if this exchange open there will be another income for government.

Im still likes gov like this rather than banning anything related to crypto.

I do agree that tax could be one of the biggest reasons for this. After all if you have a national exchange, you can literally cut the tax right out of the account in the exchange without needing any extra paperwork. That would mean that anyone who uses this, is forced to pay taxes by just simply using it. That's why it looks like it would make sense, for the government of course not for the traders.

In the end, I am guessing that it is going to be a bit of a different situation, like such as people trying to find other alternative ways to get bitcoin, because when government does stuff like this, there are majority who uses it, but there is a minority that wants to find another way without getting caught and pay that taxes and give information.

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Quote from: AakZaki on July 24, 2023, 04:06:24 PM

Maybe Indonesia will become a starter country that supports cryptocurrencies including bitcoin, so that other developing countries start to adopt bitcoin too. There will be many hurdles for sure, but the Indonesian government's decision to launch their own local exchange is a bold and willing one to accept crypto as a valuable digital asset. Even though it is centralized and requires KYC, it is everyone's choice. There are facilities provided by the government to trade legally so that it does not violate the rules that have been set.

The awareness of Indonesian citizens with the presence of an exchange facilitated by the government will directly have a positive impact, especially for the investors I have mentioned above in responding to the OP topic.
I agree that this is a brave decision to make even though it is still in its early stages after so much planning.
The government needs to expand education to citizens about crypto, including KYC issues, even though KYC is everyone's choice.

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Quote from: peter0425 on July 24, 2023, 09:51:09 PM

Not sure if there is something bull coming from this opening because we are preparing for the right bullrun and that is the Halving next year and I believe that this Indonesian exchange opening is also for preparation of the coming 2024 in which we are all expecting a best return for every bitcoin believers and holders.

In 2024 year, Indonesia has an election event that may be affected also on crypto prices if that government exchange is already launched. Because many Indonesian politicians, entrepreneurs, and Indonesian placemen own crypto, so that situation they exchange their crypto for fiat to use as political costs. looks like there will be a dump because concurrently also with the USA election.

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Quote from: blue Snow on July 18, 2023, 11:49:59 PM

what are your thought? Is bullish Start?

Speculation that I know and what I have read from the past I know crypto exchanges until now, the formation of one of the exchanges, whether it is managed by the government, company and so on, has no effect on the increase in the price of Bitcoin or other crypto.

We often see exchanges that sink and some grow new, absolutely no effect on the crypto market, especially exchanges managed by the Indonesian government, it's a joke, Indonesia does not have big investors to boost Bitcoin prices, I have never seen investors buying Bitcoin in large quantities on exchanges operating in Indonesia. or the main mastermind of the growth of the bull market.

In my opinion, the occurrence of the bull market was not caused by the existing crypto exchange in Indonesia, there was a lot of speculation that could affect the bear and bull market in the crypto market, new exchanges did not enter.

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Quote from: AakZaki on July 24, 2023, 04:06:24 PM

Maybe Indonesia will become a starter country that supports cryptocurrencies including bitcoin, so that other developing countries start to adopt bitcoin too. There will be many hurdles for sure, but the Indonesian government's decision to launch their own local exchange is a bold and willing one to accept crypto as a valuable digital asset. Even though it is centralized and requires KYC, it is everyone's choice. There are facilities provided by the government to trade legally so that it does not violate the rules that have been set.

I do agree with you maybe it can pave the way for other countries that crypto is not that bad and in the other hand you know that Government like Tax so much hehehhe if this exchange open there will be another income for government.

Im still likes gov like this rather than banning anything related to crypto.

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Quote from: blue Snow on July 18, 2023, 11:49:59 PM

what are your thought? Is bullish Start?

Very good news for crypto lovers, especially in Indonesia, and this is like a follow-up step from the government which is currently being led by someone who really cares about change, especially matters related to digitalization, this step will make crypto users more comfortable in trading on the exchange because they have alternatives to using those provided by the government. But this is not a bullish start because crypto users in Indonesia are not that big so the effect will be only locally, but at least this step can be used as a way to get short-term profits because the crypto market will be quite active especially if the government does a good promo for the launch of this crypto exchange.

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Not sure if there is something bull coming from this opening because we are preparing for the right bullrun and that is the Halving next year and I believe that this Indonesian exchange opening is also for preparation of the coming 2024 in which we are all expecting a best return for every bitcoin believers and holders.

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Quote from: JoyMarsha on July 24, 2023, 05:29:00 PM

Because the government of Indonesia now has and controls its exchange, the bull run won't start because of that. What the Indonesia government has done is contribute to the mass adoption of bitcoin by allowing its citizens to invest in bitcoin through their local exchange in order to generate broad profits for them both before and after the bull run, as there will be a need for individuals to invest in bitcoin towards the upcoming bull run.

because the Indonesian government has controlled the crypto price thus making it more stable, probably no price significantly spikes on the exchange were regulated by the institution. but as I know the Bitcoin price is not only in 1 country movement but in all countries where all kinds od exchange have paired with the fiat. This means, the Bitcoin price does not significantly change if the trader can withdraw or do the transaction from my local exchange to another country's exchange.

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Quote from: blue Snow on July 18, 2023, 11:49:59 PM

As you know, this is the 1st crypto exchange managed by the Indonesian government. so there's a big chance affect to bitcoin price.

If it were to have had an impact on the price of bitcoin, we wouldn't be seeing it drop below $29k right now; at the very least, it would have crossed $31k by now. This indicates that Indonesia is not large enough to significantly affect the price of bitcoin.

Quote from: blue Snow on July 18, 2023, 11:49:59 PM

Bitcoin is a digital asset which legal trade in Indonesia, so this possibility Bitcoin and another crypto getting stronger than other assets like gold and stock.

what are your thought? Is bullish Start?

The bull run will begin when the timing is right (probably around 2024). Because the government of Indonesia now has and controls its exchange, the bull run won't start because of that. What the Indonesia government has done is contribute to the mass adoption of bitcoin by allowing its citizens to invest in bitcoin through their local exchange in order to generate broad profits for them both before and after the bull run, as there will be a need for individuals to invest in bitcoin towards the upcoming bull run.

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Quote from: sokani on July 23, 2023, 02:24:45 AM

It is wrong of you to give importance to a particular nation because of their advancement in technology or how populated they are and look down on the other. Every nation is important to achieve mass adoption of bitcoin, and the move by the government is a welcomed one, though it's going to be centralized and users are required to perform KYC. But in time the naive indonesian citizens or starters are going to know more and look for a better and safer alternatives like bisq exchange that can give them complete privacy and safety.

Maybe Indonesia will become a starter country that supports cryptocurrencies including bitcoin, so that other developing countries start to adopt bitcoin too. There will be many hurdles for sure, but the Indonesian government's decision to launch their own local exchange is a bold and willing one to accept crypto as a valuable digital asset. Even though it is centralized and requires KYC, it is everyone's choice. There are facilities provided by the government to trade legally so that it does not violate the rules that have been set.

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Quote from: justdimin on July 24, 2023, 12:06:40 PM

That would not be that much of a trouble because people really want to do it and that alone is enough if you ask me. Think about it, we are talking about something that gives credibility and legitimize bitcoin and that means it is going to be used anyway. It is not going to be simple to make it work because we are talking about government interference and people do not like that.

But, when the alternative is not to use it, I would rather let the government interfere and still use crypto then not use crypto at all. That option is not an option at all for me, because in that case I am not using crypto, or illegally use it, and that is never a good thing to do because if you are caught then you are going to face bigger trouble for sure.

Yes, from this point of view, you are right. It is true that it is completely centralized on the one hand, but it is legitimized by the government on the other hand. This is better than central exchanges owned by private companies because at least if any problem occurs, you will not worry about your money.

The only problem, as you mentioned, is that people do not like the government's intervention, but currently there is no choice, because either this or the ban and facing legal problems with the government.

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Quote from: yhiaali3 on July 24, 2023, 05:35:50 AM

This small detail shows how things are going towards centralization and full control of crypto by the Indonesian government, because all cryptocurrency transactions will be done through the government-controlled exchange.
In addition, of course, to impose KYC.

That would not be that much of a trouble because people really want to do it and that alone is enough if you ask me. Think about it, we are talking about something that gives credibility and legitimize bitcoin and that means it is going to be used anyway. It is not going to be simple to make it work because we are talking about government interference and people do not like that.

But, when the alternative is not to use it, I would rather let the government interfere and still use crypto then not use crypto at all. That option is not an option at all for me, because in that case I am not using crypto, or illegally use it, and that is never a good thing to do because if you are caught then you are going to face bigger trouble for sure.

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Quote from: blue Snow on July 18, 2023, 11:49:59 PM

what are your thought? Is bullish Start?

No, that's not a big reason to keep the market bullish. Even so, this news will be responded positively by local traders, but globally it will not have a big effect. So far there are many reasons why large traders or investors avoid local exchanges for trading, including tax regulations and several other things that are not profitable for users. Low transaction volume is also a reason, but there are surely many more.

But the question is, why wasn't this thread created on the local board instead?

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Everything "nationa" is not the best entry in crypto for sure. There are a lot of other places to buy crypto that not connected with gov

It may not be the best entry for you but what about for the people who are living on that country? It is said it was their first time, so people might be excited to buy tons of cryptos and that will still have a great impact in the over-all market. Yes there are lots of places where you can purchase a crypto but many of them are kind a risky.

We don't know who is behind on them and what is their real motive. Let's admit it, these government-backed crypto exchanges are still safe. I know it might still be not appealing for a user who value the true nature of cryptocurrencies which is pure decentralization.

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This news definitely gonna boost the price of crypto and specifically Bitcoins. Now as Bitcoins are made legal and exchange is regulated by government, so more people will try to buy Bitcoins and invest in it, hence they will increase the demand to buy the coins. Now we know when the demand to buy the coin increases, the price also goes up. Hence it is sure that Bitcoins will go up at least by a little percentage. This can’t be claimed as starting of a bullish market but yes like these small good news can really heat up the market.

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The news is generally positive, the platform being officially supported by the Indonesian government means this is a kind of recognition of the legitimacy of Crypto.

But if we check the news:

Quote

Bappebti head Didid Noordiatmoko said that once the exchange is launched, all crypto transactions can only be done through the exchange.

This small detail shows how things are going towards centralization and full control of crypto by the Indonesian government, because all cryptocurrency transactions will be done through the government-controlled exchange.
In addition, of course, to impose KYC.

Topic: Indonesia National Exchange Open in the end of July 2023, Is bullish Start? (Read 553 times)