In Indonesia, all cryptocurrency transactions must use the National Cryptocurrency Exchange. (Source: Analytics Insight)
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The Commodity Futures Trading Supervisory Agency of Indonesia (Bappebti) announced on July 17 that it will open the National Cryptocurrency Exchange this month to meet the market demand and promote the country’s financial sector.
According to Didid Noordiatmoko, the head of Bappebti, all cryptocurrency transactions must use the national exchange. Bappebti is planning to focus on developing sales volume of cryptocurrency through domestic transactions, and it will also synchronize with trends in other markets.
Mr. Didid stated that the exchange will provide transactions through an integrated and pre-tested application. To ensure efficiency and investor protection, Bappebti will grant authorized investors a one-month license to participate in the cryptocurrency exchange.
According to Mr. Didid, the development of the cryptocurrency exchange project began in 2021, but it will not be completed until 2023 due to the need for research, evaluation, and assessment of the impacts of this business model.
Van Phong
