Indonesia has announced that it will launch its own cryptocurrency exchange, which is slated to launch later this year. According to the statement of official sources, the country wants everything to be in order before the stock market floats. According to a senior official in the country, the country wants all procedures and any other requirements to have it in place by the end of the year.
Indonesia wants to help new traders on the market
According to Dealstreetasia, the report was further confirmed by the country’s Deputy Commerce Minister a few days ago. In his statement, Deputy Commerce Minister Jerry Sambuaga said that this new update was decided taking into account the interest of cryptocurrency lovers. Sambuaga said Indonesian traders are now opening up to cryptocurrencies more than ever and need optimal protection.
This means that the country’s government wants to implement measures to help new and budding traders survive well in the cryptocurrency market. According to the statement, the cryptocurrency exchange was initially supposed to be launched last year, but all the complex foundations it needed to do made it impossible. The minister said the country needed to be careful in its preparations so as not to miss anything important in the preparation process.
Analysts welcome the cryptocurrency initiative
The minister said one of the few things Indonesia was looking for was determining which companies and entities would be involved in the preparation process. Aside from that, the official said there is also a system that will validate entities to determine how they will fit or not. Also, other things need to be accepted on the stock exchange, including capital and other technical matters. Giving the review of him, a CEO of a cryptocurrency exchange in the country praised the new exchange.
In its statement, it will help the country garner better crypto initiatives and influence adoption and investment by institutional entities. Aside from the general growth the country will witness, there is also the likelihood of other cryptocurrency exchanges entering the country. Indonesia previously announced that cryptocurrencies can be considered a commodity, but their use for payments has been banned. A few months ago, the country announced it would start imposing an income tax on earnings from digital assets. Earlier this year, the financial agency announced that companies are not allowed to help users trade digital assets.