Indonesia To Set up A Crypto Exchange As Minister Reveals Plans

The Indonesian Deputy Trade Minister, Jerry Sambuaga, has recently revealed plans of setting up an official government-backed crypto exchange to set up regulations on the trade of cryptocurrency in a recent Webinar.

In the Webinar, Jerry stated that the people must prepare as the crypto exchange might be established in the next few months or possibly even the next month if things go as planned. Jerry said that the exchange would be involved in the regulation of all sorts of crypto trades, managing each transaction carefully and will be acting accordingly in the case of illegal or fraudulent activity. Adding to that, Jerry was excited about the future of crypto trade in the country, feeling very confident that the properly regulated trade of cryptocurrency will not only help increase the value of trade in Indonesia but also have a positive image of the country in worldwide crypto space.

Following the footsteps of close partner Singapore, the Indonesian government’s announcement about the crypto exchange got the attention of many people around the world. This shows the motives and interest that the Indonesian government is taking in the trade of the extremely popular digital currency, looking for ways to regulate it, leading to an even more stable economy.

According to data from the World Bank, Indonesia stands on number 14 on the list of the top countries that receive remittances. Reflecting on that position is the amount of international remittance, which is said to be around $10 Billion being moved into the country. Analyzing these numbers, the Indonesian government wants to look into how much of this comes in the form of crypto, with the intentions of regulating it.

Optimistic Indonesia

The Indonesian government is not holding back when it comes to opportunities that can boost the country’s economy to new levels. Indonesia announced the legalization of crypto back in 2018 after looking that the tremendous number of crypto traders spread throughout the country.

Following the current popular global trend of crypto trading, Indonesia is looking to step in the positive direction, providing its people flexible payment methods for conducting successful international trading, contributing to the advancement of trading ability.