Indonesia plans to set up a crypto exchange and transfer the virtual asset’s management from the Commodity Futures Trading Authority (Bappebti) to the Financial Services Authority (FSA).
- Earlier on November 30, the Central Bank of Indonesia (BI) revealed its plans to launch a cryptocurrency for the rupiah, adopting blockchain technology. The Indonesian government is very interested in the development of the virtual asset market in its country, which will be very evident by the end of 2022.
- This policy also aims to ensure that domestic exchanges develop stably and can resist the expansion of big boys like Binance, Houbi, Coinbase, etc. Earlier on December 19, Changpeng Zhao negotiated to acquire Indonesia’s Tokocrypto exchange.
- This move from the “Land of Thousand Islands” makes sense right at the time of the bear market after 2022. They are creating more opportunities for domestic businesses so that Indonesia will firmly be within Asia’s Blockchain race when a bull market approaches.
- In addition, the handover from Bappebti to FSA also shows that the Indonesian government has recognized virtual currencies as an investment portfolio equivalent to stocks. Of course, this will be accompanied by strict tightening policies from the FSA. However, this change is supported by this country’s investors, who believe that this action will make their investment safer instead of taking the risk when using foreign exchanges.
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