Indonesia Completely Positive about the Crypto - To launch Crypto exchange

[Flexystar]

With the positive note from Indonesian Ministry of Trade, they are hoping to launch their own national crypto exchange. So this is nothing like their own digital currency but fully functioning National Crypto Exchange which will be under direct control of Indonesian Government.

This is positive because Indonesia wants individual and businesses to get involved with the crypto market alongside the stocks and shares and thus dont want to be left out of any kind of market.

Indonesia’s Ministry of Trade is reportedly aiming to roll out a national crypto exchange by June this year, six months after its previous target of December 2022.

Trade Minister Zulkifli Hasan shared the new target launch date on Feb. 2 at the opening of Crypto Literacy Month in Jakarta, noting that the government is currently reviewing which companies meet their criteria to become part of the exchange, according to local reports.

Government even wants their public to be actively involved in the same and has asked to be patient about its launch. The government is also as excited as any inidvidual would be about the Crypto exchange like this and that too backed up by Government itself.

According to the source, the clearing house of nation is involved as escrow thus securing all the trades between buyer and sellers.

I think these are some of the good steps that every nation should follow while preparing their own budgets everywhere. It could really take the crypto in right direction and can work alongside the normal assets.

There are five active crypto exchanges that are currently registered with the country’s regulators, and according to Zulkifli, the ministry’s crypto exchange could encompass all of them.

While these exchanges are currently facilitating all trades within the nation, the ministry’s exchange would act as a clearing house and custodian in the local crypto market.

A clearing house is essentially a mediator between a buyer and seller, ensuring the transaction goes smoothly. At the same time, its role as a custodian would see it manage the movement of assets between the two parties.

The trade minister urged the public to be patient with the national crypto exchange, saying: “Let us not rush because if it is not ready, things will get messy. The government does not want this to massively take a toll on the public because people do not know much [about crypto trading].”

As previously reported by Cointelegraph, Indonesia had planned to set up its crypto exchange by the end of 2022, but it was delayed due to a number of obstacles.

Indonesia targets launch of its national crypto exchange by June

[Synchronice]

Very smart move from Indonesia to attract crypto investors, customers and businesses. The fact that they plan to act as a custodian for crypto exchanges that operate in their country means that it adds an extra sense of security to use Indonesia crypto exchange because its backed by the government.
I don't know if its done only for local exchanges that operate only in Indonesian market but if they plan to help their exchanges operate worldwide and strengthen the security and offer some guarantees to its international customers, definitely a smart move but the fact that it's Indonesian will be a little bit restrictive factor because the country doesn't have that much reputation in overall to my mind.

[Scripture]

It's about time for more Asian Country to start supporting crypto and start showing their strong support, its about time to let their people choose and have more freedom.
Though of course this will be a CEX but at least, their government is doing one step at a time and probably will go further in the future. In my country, there's already an approve local exchange though because of the dominance of international exchange, they seems pretty neglected by many locals, I hope they can get a good hype as well and the locals will start supporting their own exchange.

[hugeblack]

There are not many details, but the creation of a government cryptocurrency platform necessarily requires government recognition, which is something I do not expect to happen, so all this news is speculation and that platform may not see the light.
I do not know why the government wants to enter by itself and not just set regulations and legislation and ensure that investors’ money is not used in the interest of the platform’s goal or manipulate it, but if that happened, it would be good news and have a positive impact.

[armanda90]

I don't think have positive impact due Indonesian Ministry of Trade will launch with own national crypto exchange, right now Bitcoin and altcoin still illegal using for transaction payment but available having Bitcoin and altcoin as investment assets. I am little laughing with my country adopted about Bitcoin as illegal transaction but government ambitious getting taxes from cryptocurrency trading transaction.

Indonesia become first countries in Asia get taxes from each transaction on local exchange market, another countries in Asian still not adopted taxes for each their local exchange market for paying taxes.

[Leviathan.007]

With the positive note from Indonesian Ministry of Trade, they are hoping to launch their own national crypto exchange. So this is nothing like their own digital currency but fully functioning National Crypto Exchange which will be under direct control of Indonesian Government.

This is positive because Indonesia wants individual and businesses to get involved with the crypto market alongside the stocks and shares and thus dont want to be left out of any kind of market.

Indonesia’s Ministry of Trade is reportedly aiming to roll out a national crypto exchange by June this year, six months after its previous target of December 2022.

To be honest, a few years ago when bitcoin and cryptocurrencies were mostly unknown all over the world I couldn't Imagine seeing a country in Asia like Indonesia will ever start sending all these positive signals about bitcoin and the new technologies. In recent years, we saw Indonesia and their governments starting the adoption in the country, now we can see many famous bitcoiner people and companies talking positively about Indonesia because there they will provide enough space for bitcoin and cryptocurrencies.

[Findingnemo]

fully functioning National Crypto Exchange which will be under direct control of Indonesian Government.

This has bot pros and cons, majorly there will be no more privacy and all the trading activities will be directly reported to the tax authorities so anyone who is evading taxes will be in trouble and I am not sure about their tax rates and hope its a dair one.

Pro thing is, it will encourage the people to start more trading activity because if its from government then its a huge step towards the adoption and also more revenue for the government.

[serjent05]

I don't think have positive impact due Indonesian Ministry of Trade will launch with own national crypto exchange, right now Bitcoin and altcoin still illegal using for transaction payment but available having Bitcoin and altcoin as investment assets. I am little laughing with my country adopted about Bitcoin as illegal transaction but government ambitious getting taxes from cryptocurrency trading transaction.

It does have a positive impact.  Another government is trusting cryptocurrency.  Isn't that good news for the cryptocurrency industry?   Whatever the motive of the Indonesian government, it is a sure thing that the Indonesian government is bullish on cryptocurrency industry.

Indonesia become first countries in Asia get taxes from each transaction on local exchange market, another countries in Asian still not adopted taxes for each their local exchange market for paying taxes.

It is always good to be the first mover.  If they are successful in taxing crypto industry then that will be a help in profit for the Indonesian government.  More tax, more fund.  More fund (if the leaders are not corrupt) means more development.

I don't mind paying tax as long as the tax is used properly.

[Ludmilla_rose1995]

Very smart move from Indonesia to attract crypto investors, customers and businesses. The fact that they plan to act as a custodian for crypto exchanges that operate in their country means that it adds an extra sense of security to use Indonesia crypto exchange because its backed by the government.
I don't know if its done only for local exchanges that operate only in Indonesian market but if they plan to help their exchanges operate worldwide and strengthen the security and offer some guarantees to its international customers, definitely a smart move but the fact that it's Indonesian will be a little bit restrictive factor because the country doesn't have that much reputation in overall to my mind.

As an Indonesian citizen, I welcome the decision made by the Minister of Commerce, but there are a number of things that must be confirmed before crypto users use the exchange they are planning to create, that is the set fee and also the tax because the purpose of making an exchange is of course to make money. I myself prefer using Tokocrypto because that are a child of Binance

[bittraffic]

This is cool. They really can adopt BTC in thier country and this would also mean that it's easy for thier government to tax the traders right?

It is somehow terrifying for the rich to go to the exchange though. They wouldn't want the government to lean on how much they have allocated for crypto investment. Would they mandate thier citizen to have an account in their own exchange?

[coupable]

The news seems good, but I am surprised that the government is the one who will launch this platform. This will be the first government platform for cryptocurrency exchange in crypto history. This raises several questions about the seriousness of launching the project and the prospects for its success.

In all the experiences of other countries, the government legalizes the sector to open the way for private investment. Originally, most of the governments of countries do not have sufficient experience or experts to support a service with this technical sensitivity. I do not expect the platform to be popular with Indonesians, especially since there are five other platforms they can use .

[Flexystar]

Very smart move from Indonesia to attract crypto investors, customers and businesses. The fact that they plan to act as a custodian for crypto exchanges that operate in their country means that it adds an extra sense of security to use Indonesia crypto exchange because its backed by the government.
I don't know if its done only for local exchanges that operate only in Indonesian market but if they plan to help their exchanges operate worldwide and strengthen the security and offer some guarantees to its international customers, definitely a smart move but the fact that it's Indonesian will be a little bit restrictive factor because the country doesn't have that much reputation in overall to my mind.

As an Indonesian citizen, I welcome the decision made by the Minister of Commerce, but there are a number of things that must be confirmed before crypto users use the exchange they are planning to create, that is the set fee and also the tax because the purpose of making an exchange is of course to make money. I myself prefer using Tokocrypto because that are a child of Binance

Ahh, good to see an Indonesian here and I can already see happiness from your thoughts. It's but obvious that we can get more than happier and proud if our government's start doing positive stuff about the crypto currencies. Until now we have see full legal tender in western hemisphere and now from Asian countries such news is really another level connectedness for the whole thing.

It's always start as small beginning. Lets say today Indonesia adopts it fully and neighboring countries start seeing the good developments and positivity, then eventually they will also follow the trend and try to be in the market for the same - after seeing their financial goals off course.

The news seems good, but I am surprised that the government is the one who will launch this platform. This will be the first government platform for cryptocurrency exchange in crypto history. This raises several questions about the seriousness of launching the project and the prospects for its success.

In all the experiences of other countries, the government legalizes the sector to open the way for private investment. Originally, most of the governments of countries do not have sufficient experience or experts to support a service with this technical sensitivity. I do not expect the platform to be popular with Indonesians, especially since there are five other platforms they can use .

Yes, most probably they are first one to have Government owned crypto exchanger. There are many of them with their own digital currency / few tenders here and there through private adopters but I hardly think of any Government who developed exchanger all by themselves and asked their citizens to wait for its utility platform to launch.

[slapper]

Indonesia's announcement that it would build its own national cryptocurrency exchange is quite promising. It's fantastic that the government is making concerted efforts to attract more people and companies interested in the cryptocurrency industry. This will allow users to spread their investment risk over a wider range of assets and offer a secure environment in which to trade cryptocurrencies.

Having the national clearing house act as the escrow service is a brilliant concept since it guarantees the safety of all transactions between buyers and sellers. Greater trust and openness in the market are precisely what the cryptocurrency industry needs today. The government's support for the exchange guarantees that it will be widely publicized and visited by those who are interested in cryptocurrency trading but haven't yet had the opportunity to do so.

When the Minister of Trade warned against rushing the establishment of the national crypto exchange, I agreed. Taking care to do things properly and check that everything is in order is crucial. There's no use in trying to solve the problem quickly and making things worse. The public must be comfortable utilizing the exchange and knowledgeable about its operation.

With any luck, the debut of Indonesia's national crypto exchange will be as successful as I expect it to be. The cryptocurrency industry might take a giant leap forward if other countries follow suit. Envision a scenario when all governments accept crypto and provide a secure trade environment.

[stompix]

I do not know why the government wants to enter by itself and not just set regulations and legislation and ensure that investors’ money is not used in the interest of the platform’s goal or manipulate it, but if that happened, it would be good news and have a positive impact.

Pretty simple reasoning
- they would be always in control of the funds
- they will have a perfect record of all the funds that are going in and out of all the exchanges since they seem they want to act as a clearing house for others also (here the article is a bit fuzzy)
- knowing all the above they can tax everything with accuracy and there is nowhere to hide

And most important of all, they can keep the money inside the country, so Indonesians won't be trading on foreign exchanges but with just their fellow citizens so less capital outflow, probably the same take as South Korea. I wouldn't be surprised if you would only be able to withdraw money to a national bank from this exchange and not a foreign one.

But there would be some really good parts also for the masses
- fewer newbies falling for fake exchanges
- probably fewer shitcoins
- users will finally be able to actually communicate with the exchange and get support, unlike with those off-shore entities that have no telephone number, no address, no way of ever reaching somebody or bringing them to court them when they seize steal your money.

One final thought, it's the government doing it, so expect a lot of further delays

Indonesia’s Ministry of Trade is reportedly aiming to roll out a national crypto exchange by June this year, six months after its previous target of December 2022

[coupable]

Pretty simple reasoning
- they would be always in control of the funds
- they will have a perfect record of all the funds that are going in and out of all the exchanges since they seem they want to act as a clearing house for others also (here the article is a bit fuzzy)
- knowing all the above they can tax everything with accuracy and there is nowhere to hide

And most important of all, they can keep the money inside the country, so Indonesians won't be trading on foreign exchanges but with just their fellow citizens so less capital outflow, probably the same take as South Korea. I wouldn't be surprised if you would only be able to withdraw money to a national bank from this exchange and not a foreign one.

Despite all this, I consider it a smart attempt by the government of Indonesia to monopolize the sector for itself, as it does with any other central service. This will ensure more transparency for users and greater guarantees that their savings are safe. There is a large number of users in Indonesia, as it is one of the largest countries in Asia in terms of population and the largest country in the Islamic world. If it really succeeds in launching this platform (which I doubt), other countries will certainly follow suit.
Despite everything, I still think that Indonesia is logistically unable to control efficiently in this field. Therefore, it is not surprising that the launch has been postponed many times. Other countries, more technologically advanced than Indonesia, did not risk such an experiment.

[Hispo]

I believe it is good for the Indonesian people and Bitcoin adoption in general, as long as the government of that country do not intent to create a monopoly on Bitcoin for the benefit of those in positions of power. The government, even though is starting their own exchange, must keep the market open to competitors and other services.

Also, some extra education programs and classes for those in the population who may get interested eventually in Bitcoin would be a good idea, to avoid scammers roam around preying on people so easily.

Let us keep an eye on this.

[Poker Player]

Like some of the previous comments, I am a bit skeptical about this, and I have mixed feelings. On the one hand anything that can help further Bitcoin adoption is welcome but government controlled? I am not enthusiastic about it. It's also centralized, of course.

Plus anything government run is much more inefficient than run by the private sector.

We'll see. 

[glendall]

I don't think have positive impact due Indonesian Ministry of Trade will launch with own national crypto exchange, right now Bitcoin and altcoin still illegal using for transaction payment but available having Bitcoin and altcoin as investment assets. I am little laughing with my country adopted about Bitcoin as illegal transaction but government ambitious getting taxes from cryptocurrency trading transaction.

Indonesia become first countries in Asia get taxes from each transaction on local exchange market, another countries in Asian still not adopted taxes for each their local exchange market for paying taxes.

because everything must have a tax if in Indonesia

I read the thread from the op to smile to myself and thought a little like that the government established a local  exchange in order to regulate the finances of its citizens so that they are tax compliant

[yudi09]

Hopefully this year the planned effort can be realized even though it had experienced several obstacles that made it canceled.
The positive points behind this plan are very good in attracting various investors. So by itself makes Indonesia a very open country in terms of investment. Then with the crypto exchange, at least it can be another step in encouraging economic growth through cryptocurrency.

[bestcoins1]

Government even wants their public to be actively involved in the same and has asked to be patient about its launch. The government is also as excited as any inidvidual would be about the Crypto exchange like this and that too backed up by Government itself.

Actually the government does not need to worry about Indonesian citizens or society to be actively involved in this matter. Because from the data revealed by TEMPO.CO, that almost 20% of Indonesian citizens are still very active and involved in crypto exchanges. But I believe more than that or even up to 30% of people in Indonesia who have started to engage with the crypto space in general.

From a local source I read that the government's planned launch of the crypto exchange has been postponed several times in the last few years. The platform was originally planned for 2021, but the deadline was pushed back several times due to unforeseen operating issues. For now, cryptocurrencies will be traded alongside commodities in contracts managed by the Commodity Futures Trading Regulatory Agency in Indonesia. _{Source: balicitizen.com}

I think these are some of the good steps that every nation should follow while preparing their own budgets everywhere. It could really take the crypto in right direction and can work alongside the normal assets.

This is indeed looking very good and also very good for citizens as well as for countries that still don't really believe in crypto. But for Indonesia itself Didit Nurdiatmogo, head of the Indonesian Commodity Futures Trading Regulatory Agency (Popepti), has indicated that the government will set up exchanges before the Financial Services Authority takes over crypto oversight from the Commodity Agency. This means that the authorities in Indonesia still need time to prepare this in order to be successful in the near future. _{Source: balicitizen.com}