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

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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.

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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.

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Quote from: Ale88 on July 23, 2023, 01:37:49 AM

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

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?

With all due respect, I don't think Indonesia has any kind of importance in the crypto world. It's a country with, potentially, many many users because of the big population but whether bitcoin is legal or not it's not going to make a difference for the market, the important markets are others.
Of course it's nice to hear that bitcoin is legal and that the government is not against it.

Well, I believe that it could bring a significant impact to the bitcoin market, maybe not right now, but as adoption progresses, it is the same as with the other countries that see potential in this currency and begin to integrate it, as time goes on it will bring more demand and along with it upward and more stable movements.

There is an article that I was reading that is related to the importance that it would bring to the cryptographic industry that more countries give way to the regulation of bitcoin, in this it is analyzed all the benefits that said adoption will bring.

Source: https://www.financemagnates.com/cryptocurrency/regulation/the-potential-impact-of-regulatory-changes-on-the-crypto-market/

Here you might have a different approach than when it comes to regulations in general. Of course I want to note that they are only opinions, since in order for there to be clear evidence and statistics of the impact that these decisions are bringing, you have to wait at least a year to be able to make comparisons.

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This is a little ripple amid the global crypto market's massive changes. Indonesia's first government-backed cryptocurrency market is significant. Institutional acceptance could boost crypto and Bitcoin trust.

The market wont always rise. Bitcoin's price can be affected by global rules, market sentiment, technology improvements, and more, even though investors may wish to test the waters due to government participation.

Indonesia's move has two political sides. Its a hint to crypto acceptance. However, tougher laws could reduce crypto creativity and decentralisation. Im apprehensive but intrigued by this roller-coaster journey.

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While this news is generally a good one but can anyone please confirm whether this national crypto exchange will only offer futures contracts or they are going to offer spot as well?

Future contracts are not much useful because it won't add liquidity to the crypto market. It's just a method of making money out of thin air. If spot is also offered that might bring in some serious amount of liquidity in the crypto market.

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Looks like this is good news since this is one of the countries that seem to be not putting any importance on crypto because they have some laws that put the investment of bitcoins in their country in jeopardy but it seems like the wind has changed and they now wanted to get on the trend and might also becoming one of the countries that will gonna support bitcoins in the future. Since the Bitcoins bull run is expected to happen just after the Bitcoin halving next year, now is the right time for the exchanges to expand their branches to another part of the world so that their clients will get used to it and will encounter few bugs when the actual bull runs happen, it will be a truly busy market.

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Quote from: Ale88 on July 23, 2023, 01:37:49 AM

With all due respect, I don't think Indonesia has any kind of importance in the crypto world. It's a country with, potentially, many many users because of the big population but whether bitcoin is legal or not it's not going to make a difference for the market, the important markets are others.
Of course it's nice to hear that bitcoin is legal and that the government is not against it.

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.

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

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?

With all due respect, I don't think Indonesia has any kind of importance in the crypto world. It's a country with, potentially, many many users because of the big population but whether bitcoin is legal or not it's not going to make a difference for the market, the important markets are others.
Of course it's nice to hear that bitcoin is legal and that the government is not against it.

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Respect what did by Indonesian government how to advertise with Bitcoin, but Indonesia population under 1% interested with Bitcoin due many issues about Bitcoin is haram there. I am from Indonesian and know detail around my environment not really interested with bitcoin, I don't think have bigger impact about Indonesian exchange are opening end July will make bitcoin drastically pump. Need huge population how to make bitcoin get bigger impact for going up, Indonesia has the largest population around the world but few percent of population know and invest in Bitcoin.

Bitcoin will get progress up to higher price if Indonesian population interested with Bitcoin, less of Indonesian people still don't know about bitcoin and what advantage from investing in bitcoin.

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

what are your thought? Is bullish Start?

We don't know if the bullishness will happen after the official launch, but one thing is for sure, ordinary people who were previously afraid to get into crypto will be more emboldened because this is an exchange that is fully supported by the government. Good news will certainly have a positive impact on the market, we'll see what will happen later.

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. Indonesia is not a big country in cryptocurrency so this news is locally hot only and it does not create big impacts globally.

Indonesia is a country with a large population adopting crypto, you should read this article. The release of this national exchange will not only have a big impact locally but also globally. This news was also published not only locally, but global media also published this news, along with the media:

1. https://www.coindesk.com/policy/2023/07/21/indonesia-crypto-stock-exchange-clearing-house-goes-live-after-long-delays/
2. https://www.reuters.com/technology/indonesia-launches-new-crypto-bourse-clearing-house-2023-07-21/
3. https://cointelegraph.com/news/crypto-indonesia-to-launch-crypto-exchange-in-july
4. https://cryptoslate.com/indonesia-launches-national-cryptocurrency-exchange-amid-69-drop-in-transaction-volume/
5. https://thenewscrypto.com/indonesia-to-launch-national-crypto-exchange-by-july-end/
6. https://coinmarketcap.com/alexandria/article/indonesia-plans-to-launch-national-crypto-exchange-in-july
7. https://news.bloomberglaw.com/crypto/indonesia-aims-to-launch-crypto-exchange-this-month-bappebti

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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. 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.

Big or not the upsurge of purchase and trade that this will bring is definitely going to do something to bitcoin's price, could make it move from its comfortable seat at 30k. could make it drastically jump to a different price point which it has been marinating now considering the halving is almost afoot. But the latter's not really somethign we should expect outright, since as you said, Indonesia's not really big when it comes to crypto and at most what they could do is create a surge of domino effects within the Southeast Asian Region.

at the end of the day all we could do here is speculate and hope for the best. The fact that countries are one at a time opening their doors for cryptocurrency amidst the backlash and hate is more than enough evidence that bitcoin and crypto has a chance to prevail.

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Quote from: elevates on July 22, 2023, 06:22:54 AM

Good news for the Indonesian crypto community! After the launch they wont need to use International exchange. The question is whether the government would be able to manage a cryptocurrency exchange. They as in the government would be able to track all transactions after the launch. Which I feel might be the reason they are launching a government control exchange. I assume after the launch we will be able to know the pros and cons of trading on it. I do not think this news would cause a bull run. The simple reason being Indonesia does not have a powerful currency like US & China.

I think that is there goal here, all transactions are going to their local exchanges, so they can track everyone. So there might be pros and cons here as we might like it to be more of a exchanges that the government doesn't own.

Similar to us neighbours, the Philippines, we have exchanges but it's not government control. But just like other exchanges it's is mandated by our local crypto regulators. In any case we will see the effect on Indonesia, they are already huge in crypto space and perhaps they will grow tremendously not just in Asia but globally.

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Good news for the Indonesian crypto community! After the launch they wont need to use International exchange. The question is whether the government would be able to manage a cryptocurrency exchange. They as in the government would be able to track all transactions after the launch. Which I feel might be the reason they are launching a government control exchange. I assume after the launch we will be able to know the pros and cons of trading on it. I do not think this news would cause a bull run. The simple reason being Indonesia does not have a powerful currency like US & China.

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I guess it's about time that Indonesia jump on the bandwagon, in this forum around, it is one of the biggest local boards and we have seen a lot of good Indonesian member here.

So it just shows that indeed, bitcoin or at least crypto is very well known in their country and it's good that their government is very open and supportive about it. As far as it a bullish news, we can't answer for that. The only catalyst for a bull run is the bitcoin halving which is still like more than 6 months from now. Nevertheless, this is a welcoming news.

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I'm happy that Indonesia is embracing the crypto industry this way, but I don't like that it's not open to private competition. According to the article, upon the launch of this exchange, it will only be legal to perform crypto transactions via it. So that, I assume, means that private companies won't be allowed to compete with this governmental exchange, which means there won't be motivation for improvement, and there won't be opportunities for local entrepreneurs. I'm also alarmed it might mean that even crypto wallets will be illegal, as they allow performing crypto transactions without that official exchange, and all transactions must go through the exchange.
Is that true? Is that how it's going to be?

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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.

The main positive impact of having a crypto futures exchange managed by the government is local investors.
They (local investors) will be more enthusiastic in carrying out investment activities because they are increasingly protected regarding legal certainty.

Regarding the price impact, I don't think it will have a big effect on bullish or bull run because the price is very influential on issues that occur internationally as said by Didid Said depending on the development of the international market in the quote you listed.

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

what are your thought?

I am happy and welcome their decision.

With the presence of this crypto futures exchange, I wonder what will be the fate of exchanges that have been operating in Indonesia such as indodax and tokocrypto which are registered with Bappebti.

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Anything like this news gives a bullish feeling. AFAIK, Indonesia was one of the countries that I have heard that's too strict with Bitcoin and now they're opening an exchange and that's not even the news, the exchange is backed up by the government. Sounds good.
But again, despite this being good news, we know that the entire market should be decentralized, and having a government-supported exchange doesn't sound right. Anyway, we're up to this and we see this coming.

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Quote from: Rikafip on July 21, 2023, 09:38:42 AM

But generally, I don't like seeing countries getting into stuff like this because they are usually not good at handling the business.

Yes, just like you said, when the government has handled the company, then there will be a condition of interest from each other. I saw several officials in government as owners of specific crypto, so there will be a conflict of interest if crypto he has owner dump or not to his liking. That possible the market is not going decentralization price like another exchange, that possible (i.e. bitcoin price) on my country is $50K, while outside countries like USA or China $50K, but on another side, we can't withdraw it or arbitrage it on another exchange.

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Indonesia is a growing country just like ours and according to this source 4.5% of the total population in indonesia uses crypto which will increase when this exchange will be opened. Because there must be many other people wanted to start there journey in crypto industry but hesitate to start.

Because they didn't trust it, but after seeing the one started by their own government they will definitely adopt BTC. Which will increase the demand and we might see another uptrend. This uptrend will be helped with good news of ETFs etc. Because such news will help market to boost up.

This might not be the bullish start, because the bullish cycle will be started after the halving. So, we have to wait for proper bullish cycle. This will just be a small up trend in market. But real up trend might start in the start of 2025 or end of 2024. Indonesia is not a big or progressive country like USA so the impact of such adoption rate will be low.

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

what are your thought? Is bullish Start?

Someone will correct me if I am wrong, but I don't think that Indonesia market is so big or influental that it could even start small pump, let alone bull run. I mean, just look at at the bitcoin price which hasn't move dat all after this news got released.

But generally, I don't like seeing countries getting into stuff like this because they are usually not good at handling the business.

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Quote from: ?? on ??

tapi menurut ane sih bagus bagus aja semisal Indonesia punya exchangenya sendiri cuman menurut ane exchange di indonesia udah banyak juga sih Lips sealed

apakah mereka bisa ikut bersaing dengan exchange yang udah ada duluan.

For those who prefer to use centralized exchanges, they will turn to government centralized exchanges rather than private institutions because of its safety. I think they will outperform and prevail over other exchanges in terms of safety. But when the government launches its own exchange, will it continue to license other exchanges or will it find a way to get rid of them?

Quote from: ?? on ??

tapi good news nya semisal ini beneran terjadi ya mungkin bisa ditiru negara lain kalau berhasil dan at the end mungkin kalau berhasil banyak masyarakat yang akan ikut berinvestasi ke dunia crypto

I don't know if this will be good or bad for the market. I don't expect this to happen, although it will be safer for us but again the government will have complete control over us. Moreover, what I fear more is the government monopoly, they will find a way to get rid of other exchanges and force us to use their exchange.

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Quote from: ?? on ??

The Indonesian language is very similar to English, and they almost use the same letters, or am I wrong?

yeah some indonesia words are the same the list might be a lot but here few examples https://masteringbahasa.com/list-of-indonesian-words-similar-to-english

and malay language is like combining indonesia and english, Indonesia language uses same alphabet too

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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)

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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.

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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.

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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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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.

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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.

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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.

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

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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...

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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).

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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.

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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.

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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? (Read 539 times)