Indonesia Completely Positive about the Crypto - To launch Crypto exchange

[stompix]

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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.
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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.

You see, that's the problem with monopolies at the state level.
If they would just compete with CEX then that would ensure the users would get to choose, and the government itself would need to keep up with others in order to not fall behind, once there is no such thing they can just take their time, provide crappy services, spend money like there is no tomorrow on useless stuff and in the end the population foots the bill.

Of course, the good parts still stand but them acting like an overlord in the entire crypto arena won't lead to any breakthrough.

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[Cryptomultiplier]

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}

With this move, other countries would be queued in to effect their own controlled cryptocurrency.  The success of this launch not only will boost their economy but would effect massive adoption of crypto and I believe more publicity would be done to enlighten the citizens who are at the heart of such a launch.

[Nwada001]

Another great win for all of us in the crypto community: another government proves that crypto is not a scam and is ready to adopt it. Even though the planned exchange is going to be centralized and centered on profit-making and taxation, it will bring about massive adoption and exposure among its citizens and beyond, creating easy means for people within their locality to have access to crypto. Congratulations in advance to them.

[armanda90]

I come from Indonesian and I know more and details about how cryptocurrency regulation in my country, actually Indonesia has quite tight supervision in cryptocurrencies exactly with new coins listing on our local exchange market. We have supervisory agency or called with Bappeti when listing new coins on the market.

Before getting legalizing from Bappeti can't listing any coins yet in exchange local market, I think our government very serious with cryptocureny and give more service for all investor and trader not wrong investing in cryptocurrency. Until right now still adopt with this regulation for new coins listing on local exchange market.

[virasisog]

Another great win for all of us in the crypto community: another government proves that crypto is not a scam and is ready to adopt it. Even though the planned exchange is going to be centralized and centered on profit-making and taxation, it will bring about massive adoption and exposure among its citizens and beyond, creating easy means for people within their locality to have access to crypto. Congratulations in advance to them.

I hope more Asian countries will do the same move instead of rejecting or banning cryptocurrency. It's a good thing that the government is now starting to see the importance and real function of cryptocurrency for the growth of the economy. It will be beneficial to the said country as well as its citizens.
Crypto is being recognized by our government as well but people here still lack knowledge about how it works. I think our government should focus on educating people about blockchain technology.

[Flexystar]

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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.
~
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.

You see, that's the problem with monopolies at the state level.
If they would just compete with CEX then that would ensure the users would get to choose, and the government itself would need to keep up with others in order to not fall behind, once there is no such thing they can just take their time, provide crappy services, spend money like there is no tomorrow on useless stuff and in the end the population foots the bill.

Of course, the good parts still stand but them acting like an overlord in the entire crypto arena won't lead to any breakthrough.

That’s true and it could be bad in the long run because once people lose their trust from government run schemes then it’s just one way. People will straight forward go for the private sectors because they are more corporate like (though costly). However, we don’t want it in the crypto space since private institutions has already failed to deliver security of funds and also those cases are rising with the time.

In case of government run projects at least there non ending money which flows and secures outrageous falls that may occur over the time.

But checking out the Indonesian visions I am seeing ray of hope for the locals and businesses as well. They will definitely stand by their promises considering the way they have speeded up things. :-)