The Indonesian government intends to open a cryptocurrency exchange before the end of the year. According to a report by a high government official, the administration was making sure that every action necessary to execute the shift was done.
According to a local media report, the Indonesian government has plans to build a cryptocurrency market by the end of this year. The local magazine referred to the comments made by Jerry Sambuaga, who is the Deputy Trade Minister of Indonesia.
The commerce minister said, at the NXC International Summit 2022, that the crypto bourse programme was a part of the government’s efforts to safeguard consumers in light of the rising interest in digital currency.
The opening of the cryptocurrency market had been anticipated to take place in 2021, but this goal has had to be pushed back due to the complexity of the whole procedure. This, according to the minister of commerce, was the reason why the government did not want to move too quickly in the process.
The establishment of a cryptocurrency market sometimes requires a significant amount of prior planning. One of the things to consider is doing an analysis of the organisations that should be listed on the exchange. In addition to this, it was necessary to authenticate these businesses and make certain that certain standards, such as a minimum amount of capital, were met.
According to Pang Xue Kai, CEO of Tokocrypto, a crypto bourse is a programme that has the potential to assist in increasing the number of people participating in the cryptocurrency industry. Additionally, it has the potential to attract the attention of institutional investors.
Tokocrypto is one of the twenty-five cryptocurrency exchanges now functioning in Indonesia, and it has been granted a licence by the Commodity Futures Trading Regulatory Agency in that country. The chief executive officer of the exchange also said that the sector would develop and that there would be an increase in the number of local initiatives.