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Crypto Exchange Coming Soon

Crypto Exchange Coming Soon

Indonesia will certainly be the first country to launch a crypto exchange. Deputy Minister of Trade Jerry Sambuaga said the Commodity Futures Trading Regulatory Agency (CoFTRA) is currently focusing on preparations for the formation of a crypto exchange which will be available in the first quarter of 2022.

Formation Process

Several stages have been passed by all crypto exchange stakeholders, namely the administrative process, verification, validation, and technical matters such as obtaining a business registration number (NIB) and the Indonesian Standard Classification of Business Fields (KBLI).

"Crypto asset trade in the world, including Indonesia, is growing very fast, so the government should regulate its trade. Moreover, until December 2021, active crypto customers in Indonesia were 11.2 million players, and total transactions throughout the year reached Rp 859.45 trillion," said Jerry Sambuaga at the Zooming with Primus event theme "Welcoming the Indonesian Crypto Exchange," which was broadcast live on Beritasatu. TV, Thursday (27/1).

The discussion, hosted by the Director of Satu Media Holdings (BSMH) News Reporting, Primus Dorimulu, also presented the Chairman of the Indonesian Blockchain Association, Asih Karnengsih. A few months earlier, Jerry added that customers for Indonesian crypto assets in trading had only reached 7.5 million people. The figure has almost doubled, or 87.5%, compared to the 2020 record, 4 million people. People could also take benefit from the Bitcoin system, for more you can visit here.

Value of Crypto Increased

Meanwhile, the value of crypto transactions has even shot up by 1.222% compared to 2020, which is IDR 65 trillion. The Crypto Exchange added Jerry, which is very important, and there are at least two big underlying points.

Commodity and Protection

First, carry out the law's mandate, which says that crypto is part of a commodity. Second, protect consumers. "This is our commitment for us to be careful, we are thorough, we review all these processes in detail. We prioritize consumer safety, don't let it feel like we are in a hurry, and don't go through a complete process, and suddenly something is missing. We don't want this to happen. Therefore these conditions must be verified in detail. Hopefully, shortly this year, it can be clarified with a comprehensive process," said Jerry.

Minimizing Risk

With the presence of a crypto exchange, Jerry continued, it is clear that risks or negative things can be minimized. The reason is everything will be integrated into a single unit so that it can form a healthy ecosystem. In addition, he said the presence of this crypto exchange is to provide security and protection to consumers and with an exchange as a protection for consumers. Prevent money laundering, drugs, and terrorist financing," he said.

Increase Exports and Trading

Not only that, Jerry said that the existence of a crypto exchange could make trading transactions responsible as transaction recording, clearing, and recording integrate. Another benefit is that it can boost the rate of Indonesia's exports. Jerry said crypto-assets that develop domestically could get support for marketing on crypto exchanges. Moreover, currently, there are many coins or tokens created by Indonesians, aka made in Indonesia, where the blockchain technology in it is no less sophisticated than foreign tokens.

"With the existence of a crypto exchange, I am sure, I believe that for young people, token creation will be even more massive, and later we will be proud of outsiders buying our tokens," he said.

According to him, It is by President Jokowi's directive that creative economy products, including digital, have high value and can become a mainstay of exports to improve the trade balance.

"We can take advantage of blockchain-based technology and apply it in trade and the economy. It is also potential in addition to exports and from our economic point of view. This is by the President's direction in developing digital literacy," said Jerry. Jerry continued that commodity exports are not only in physical form nowadays. For example, export commodities such as palm oil, coal, or nickel. But now, digital products have exporting potential. Crypto assets are one example.

Furthermore, Jerry also highlights the presence of Non-Fungible Tokens or NFTs. The value of these continues to rise in recent times. In addition, NFT assets that are part of crypto assets can positively impact the country's economy.

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