The Ministry of Trade of Indonesia has been working on the launch of a national cryptocurrency exchange.
The Trade Ministry has been working for a while on the formation and launch of a cryptocurrency exchange. Initially, the exchange was to be launched in December 2022.
However, the launch was delayed and the Ministry came up with a later date of launch for the exchange. As per the latest reports, the launch date for the national exchange has been moved up by six months.
Now, the teams are aiming to launch it by June 2023. As per the officials, their aim is to fully roll out the national crypto exchange by the end of June 2023.
New Target Launch Date
It was on February 2 when Zulkifli Hasan, the Trade Minister of Indonesia made the announcement on the launch of the national crypto exchange.
It was during the Crypto Literacy Month event that Hasan made the announcement and gave the new target launch date for the national exchange. The particular event had taken place in Jakarta.
He revealed that for now, they are going through the reviewing process of all the companies that are to be linked with their national exchange.
They will take them through the reviewing process to see which exchange meets the criteria or not. They have to ensure that the companies are eligible and meet the requirements of being part of the national platform.
Registered Crypto Exchanges
For now, not many cryptocurrency exchanges are authorized to operate by the local regulatory authorities.
The data shows that only 5 cryptocurrency exchanges in Indonesia have a cryptocurrency license to operate.
Once the national cryptocurrency exchange is launched, all of these cryptocurrency exchanges will be made part of it.
This would provide a safe and regulated environment for cryptocurrency exchanges to operate freely. They will have the opportunity to offer so much to the users in the most productive environment.
Benefits of Crypto Exchanges
For now, all of the cryptocurrency exchange activities are taking place through five cryptocurrency exchanges.
Although these cryptocurrency exchanges are regulated and authorized, still, they are independent cryptocurrency exchanges offering their services.
This is where a national cryptocurrency exchange would come in and provide a clearing house not only to the crypto exchanges but the users as well.
The national cryptocurrency exchange would act as the custodian to whom all the crypto exchanges will be answerable.
This way, Indonesia will offer an even more regulated and safer trading environment to the users.
The term ‘clearing house’ acts as a mediator between the sellers and the buyers. If the mediator is the government, then it provides strong assurance to the public as they perform their transactions.
With the launch of the national crypto exchange, users will be able to perform cryptocurrency transactions in the safest and most regulated environment.
The national exchange would ensure that there are no problems arising between both parties as they perform transactions.
The custodian ensures that the users or the exchange platforms are not being taken advantage of. This helps provide a very ethical and highly professional environment.
Minister’s Appeal to the Public
The trader minister recently issued a statement for the locals pertaining to the delay in the launch of the cryptocurrency exchange.
He made an appeal to the public to remain calm and patient and not lose their composure. He asked them to be patient and ensure that they do not get involved much with cryptocurrencies.
As per the minister, they have invested a lot of resources to ensure that they finalize the national cryptocurrency exchange.
They do not want to make the situation any messy for the cryptocurrency industry in the country. Therefore, they want to touch all aspects before they launch their exchange.