Didid Noordiatmoko, head of Indonesia’s Commodity Futures Trading Authority (Bappebti), said that the country aims to launch a state-backed cryptocurrency exchange by mid-year. According to Noordiatmoko, the most difficult part for Indonesian authorities in this process is the inability to define a certain standard for the exchange. However, the exchange will be run by a private company.
Experts and investors believe that the launch of a state-backed electronic exchange will accelerate the development of cryptocurrency stock exchanges in Indonesia.
See Related: Indonesia Will Have Its Own Practical Crypto Exchange In 2023
Setting the time is an important act of the Indonesian government in building its own exchange. In addition, the government of this country also established a system of regulations to avoid risks and protect customers in this country. The government had previously planned to launch the exchange by the end of 2022, which was delayed due to internal reasons and FTX’s problems with the market.
Along with the Indonesian exchange, there are plans to develop a cryptocurrency of its own. This currency is forecasted to be used in life, transportation, and economic categories, which will be launched after the development of the broker is completed.