Indonesia National Exchange Open in the end of July 2023, Is bullish Start? - page 3.

blue Snow

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Quote from: bittraffic on July 19, 2023, 07:31:50 AM

The Indonesian government mandated that all crypto transactions can only be done through this exchange.

I hope this doesn't happen, and not forcing available exchanges to join their scheme. Because as far as I know, when the government has entered any exchange, they will organize the price. So when the price goes up and down significantly, they will cut and close the pair. They will make the exchange like the stock. so, if happen, we don't see the reality again like we did trade like spot exchange before.

The government tries various ways to make crypto can be controlled by 1 hand. Not pure again to basic economics, supply, and demand.

(please don't move it again this thread on the local board, this is not about local news)

bittraffic

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Quote from: _act_ on July 19, 2023, 05:26:56 AM

Quote from: bittraffic on July 19, 2023, 02:46:40 AM

The government owns the crypto exchange that's cool. Is this the first where an exchange is owned by the government?
I can already see where the market will go and what will happen to the existing exchanges today like coinbase seem to be favored by the government as it partners with Blackrock. I guess Coinbase will be officially the crypto exchange for US citizens. Binance will be China? Definitely Grin

Anyway, we all have out local exchanges, I guess I will also assume our exchange will be government owned as well.

This will be the first that I have heard of.

Coinbase is not only the crypto exchange that is existing in United States, there are other ones like Binance.us, Kraken and some other exchanges in United States.

Binance headquarter was in China before, but no more there since many years ago. Most countries in the world allows Binance.com to render its products and services to their citizens.

Quote from: ?? on ??

Its very good news and inspiring development for Indonesian investors/traders, as well as for overall adoption and growth of crypto industry. Given that Asia is the ls the most populous continent, crypto friendly policies implemented by the governments of the regional countries can play pivotal role for establishing it as widely accepted method of payment and appealing option for long term investment.

I do not see it as a good news, I prefer crypto exchanges to be private, instead of government to be the one in control directly. If Indonesians have alternatives, that is better in my own opinion.

From that I have read the US government afaik gives a directive to Binance.us where only US citizens can be their employees. That tells something is pretty much what is happening. To other US exchanges like Kraken, I think it's no problem for them as they are US company.

The Indonesian government mandated that all crypto transactions can only be done through this exchange. This is pretty slick because apart that they collect KYC, they can also trace all the wallet addresses linked to whichever coins passes thru this exchange.

Husires

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It is an advanced step by the Indonesian government to protect the assets of traders instead of depositing in multinational platforms that impose the same level of AML, however, the risks are great for investors. What worries me most is the statement that all cryptocurrency transactions can only be conducted through an exchange, and this means that they will control the trading prices and fees. Purchase prices.

The news is good, but I do not expect to see a quick impact on the price of Bitcoin.

_act_

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Quote from: bittraffic on July 19, 2023, 02:46:40 AM

The government owns the crypto exchange that's cool. Is this the first where an exchange is owned by the government?
I can already see where the market will go and what will happen to the existing exchanges today like coinbase seem to be favored by the government as it partners with Blackrock. I guess Coinbase will be officially the crypto exchange for US citizens. Binance will be China? Definitely Grin

Anyway, we all have out local exchanges, I guess I will also assume our exchange will be government owned as well.

This will be the first that I have heard of.

Coinbase is not only the crypto exchange that is existing in United States, there are other ones like Binance.us, Kraken and some other exchanges in United States.

Binance headquarter was in China before, but no more there since many years ago. Most countries in the world allows Binance.com to render its products and services to their citizens.

Quote from: ?? on ??

Its very good news and inspiring development for Indonesian investors/traders, as well as for overall adoption and growth of crypto industry. Given that Asia is the ls the most populous continent, crypto friendly policies implemented by the governments of the regional countries can play pivotal role for establishing it as widely accepted method of payment and appealing option for long term investment.

I do not see it as a good news, I prefer crypto exchanges to be private, instead of government to be the one in control directly. If Indonesians have alternatives, that is better in my own opinion.

Smack That Ace

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

what are your thought? Is bullish Start?

This is good news for investors in Indonesia. But to talk about the impact of this news on the market, I am not sure since Indonesia is not a big country, it will hardly attract any significant attention. I didn't even know about this news until I saw your thread. If this information comes from major countries like the US or China, I think it is to be expected because it will certainly have a significant impact on the market. If you want another bullish this year, we need bigger news with this one.

_act_

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Lightning network is good with small amount of BTC

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

what are your thought? Is bullish Start?

Indonesia is not a big country when it comes to crypto adoption. You can not also compare it to countries like USA or China or Europes in general which are the ones that can affect bitcoin if there is any development like that. This can not really have any effect on bitcoin price. But there are big events that are coming, bitcoin halving is one of them, another is the bitcoin spot ETF. We should expect bull run for bitcoin as the bill run season is approaching.

bittraffic

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The government owns the crypto exchange that's cool. Is this the first where an exchange is owned by the government?
I can already see where the market will go and what will happen to the existing exchanges today like coinbase seem to be favored by the government as it partners with Blackrock. I guess Coinbase will be officially the crypto exchange for US citizens. Binance will be China? Definitely Grin

Anyway, we all have out local exchanges, I guess I will also assume our exchange will be government owned as well.

Solokan

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with this news we won't know whether crypto will go up globally or not, but in my opinion in Indonesia it might have an impact on the increase in crypto but globally I don't think it's certain, but hopefully it will have an impact on the world and ultimately the price of bitcoin and altcoins in this world go up.

but I think this news is very good because it definitely has a positive impact on
crypto price.

but I think the price of bitcoin and altcoins will see a nice increase in price at the time of HALVING btc.

sesterceshop

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I wonder if there will be any futures and options trading as it is haram?

Kaliandra

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this is good news for me because i am one
btc investors, hopefully this positive news will have a positive impact on crypto in Indonesia and in the world,

I personally am ready to hold my favorite bitcoin and altcoin for the next bull market, hopefully with this news the price of bitcoin will increase.

this is good information friend...

Faisal2202

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That's a good news then. Because the adoption or i must say the demand for BTC will increase once the exchange will launch and then it is obviously a sign of bullish trend but of course not so long that we or the most of the people expecting in 2024. Because, a slight up trend can be seen here to like when XRP declared as security. I have read so many bullish trend news spreading all over the social media that is saying the next bull run will be in 2024.

But, how can such small news like this one and other like XRP, would streamline the adoption of BTC. Or how the impact of such news will be equal to the impact of halving going to make on it will be equal. The point is, MT gox's funds are also going to release (of course some of it in batches) around September or August. Which, might included with other factors, like I heard a platform has to pay its loan but they only had some BTC so i think they might sell them which would dump the market and the deadline is also in those dates of MT GOX (i was unable to find the source because i read the news a while ago).

Don Pedro Dinero

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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.

It may indeed affect, but governments are not usually very efficient at running businesses.

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?

I think it will be strong, especially in the region, but what I am not so sure about is the global impact it will have. In any case, it seems that:

Quote from: BlackBoss_ on July 18, 2023, 11:54:11 PM

The market is warming up for 2024 bull run but the bullish start has yet begun.

BlackBoss_

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The market is warming up for 2024 bull run but the bullish start has yet begun. Indonesia is not a big country in cryptocurrency so this news is locally hot only and it does not create big impacts globally.

The market will be warmed up more in coming months and I believe its bull run next two years will be related with Bitcoin Spot ETFs. When we have a first Bitcoin Spot ETF, Bitcoin will take that big news and fly over the Moon. When will it come?

I guess some late months in 2024, a few months after the halving in April 2024.

blue Snow

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Bappebti is a legal tender that supervises the crypto market Indonesia said, the National Crypto Exchange opened in the end of July 2023.

https://en.tempo.co/read/1748024/indonesia-to-launch-crypto-exchange-this-month

Quote

TEMPO.CO, Jakarta - The Futures and Commodity Trading Regulatory Agency (Bappebti) will inaugurate the Indonesian crypto exchange which is scheduled for July 2023. Bappebti head Didid Noordiatmoko said that once the exchange is launched, all crypto transactions can only be done through the exchange.

"Yesterday we agreed on the stock exchange rules. So the know your customer (KYC) process and all kinds have been regulated there," he said when met at his office, Central Jakarta, on Wednesday, July 12.

The trading, he said, will be done through each integrated application. CoFTRA has also conducted an integration test. For the crypto coins to be sold, Didid said, Bappebti wants them to be local but still abreast of international market developments, including the question of prices, provided they are approved by Bappebti.

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

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?

Topic: Indonesia National Exchange Open in the end of July 2023, Is bullish Start? - page 3. (Read 539 times)