Indonesia National Exchange Open in the end of July 2023, Is bullish Start?

[blue Snow]

Bappebti is a legal tender that supervises the crypto market Indonesia said, the National Crypto Exchange opened in the end of July 2023.

https://en.tempo.co/read/1748024/indonesia-to-launch-crypto-exchange-this-month

TEMPO.CO, Jakarta - The Futures and Commodity Trading Regulatory Agency (Bappebti) will inaugurate the Indonesian crypto exchange which is scheduled for July 2023. Bappebti head Didid Noordiatmoko said that once the exchange is launched, all crypto transactions can only be done through the exchange.

"Yesterday we agreed on the stock exchange rules. So the know your customer (KYC) process and all kinds have been regulated there," he said when met at his office, Central Jakarta, on Wednesday, July 12.

The trading, he said, will be done through each integrated application. CoFTRA has also conducted an integration test. For the crypto coins to be sold, Didid said, Bappebti wants them to be local but still abreast of international market developments, including the question of prices, provided they are approved by Bappebti.

As you know, this is the 1st crypto exchange managed by the Indonesian government. so there's a big chance affect to bitcoin price.

Bitcoin is a digital asset which legal trade in Indonesia, so this possibility Bitcoin and another crypto getting stronger than other assets like gold and stock.

what are your thought? Is bullish Start?

[BlackBoss_]

The market is warming up for 2024 bull run but the bullish start has yet begun. Indonesia is not a big country in cryptocurrency so this news is locally hot only and it does not create big impacts globally.

The market will be warmed up more in coming months and I believe its bull run next two years will be related with Bitcoin Spot ETFs. When we have a first Bitcoin Spot ETF, Bitcoin will take that big news and fly over the Moon. When will it come?

I guess some late months in 2024, a few months after the halving in April 2024.

[Don Pedro Dinero]

As you know, this is the 1st crypto exchange managed by the Indonesian government. so there's a big chance affect to bitcoin price.

It may indeed affect, but governments are not usually very efficient at running businesses.

Bitcoin is a digital asset which legal trade in Indonesia, so this possibility Bitcoin and another crypto getting stronger than other assets like gold and stock.

what are your thought? Is bullish Start?

I think it will be strong, especially in the region, but what I am not so sure about is the global impact it will have. In any case, it seems that:

The market is warming up for 2024 bull run but the bullish start has yet begun.

[Faisal2202]

That's a good news then. Because the adoption or i must say the demand for BTC will increase once the exchange will launch and then it is obviously a sign of bullish trend but of course not so long that we or the most of the people expecting in 2024. Because, a slight up trend can be seen here to like when XRP declared as security. I have read so many bullish trend news spreading all over the social media that is saying the next bull run will be in 2024.

But, how can such small news like this one and other like XRP, would streamline the adoption of BTC. Or how the impact of such news will be equal to the impact of halving going to make on it will be equal. The point is, MT gox's funds are also going to release (of course some of it in batches) around September or August. Which, might included with other factors, like I heard a platform has to pay its loan but they only had some BTC so i think they might sell them which would dump the market and the deadline is also in those dates of MT GOX (i was unable to find the source because i read the news a while ago).

[Kaliandra]

this is good news for me because i am one
btc investors, hopefully this positive news will have a positive impact on crypto in Indonesia and in the world,

I personally am ready to hold my favorite bitcoin and altcoin for the next bull market, hopefully with this news the price of bitcoin will increase.

this is good information friend...

[sesterceshop]

I wonder if there will be any futures and options trading as it is haram?

[Solokan]

with this news we won't know whether crypto will go up globally or not, but in my opinion in Indonesia it might have an impact on the increase in crypto but globally I don't think it's certain, but hopefully it will have an impact on the world and ultimately the price of bitcoin and altcoins in this world go up.

but I think this news is very good because it definitely has a positive impact on
crypto price.

but I think the price of bitcoin and altcoins will see a nice increase in price at the time of HALVING btc.

[bittraffic]

The government owns the crypto exchange that's cool.  Is this the first where an exchange is owned by the government?
I can already see where the market will go and what will happen to the existing exchanges today like coinbase seem to be favored by the government as it partners with Blackrock. I guess Coinbase will be officially the crypto exchange for US citizens.  Binance will be China? Definitely 

Anyway, we all have out local exchanges, I guess I will also assume our exchange will be government owned as well.

[_act_]

what are your thought? Is bullish Start?

Indonesia is not a big country when it comes to crypto adoption. You can not also compare it to countries like USA or China or Europes in general which are the ones that can affect bitcoin if there is any development like that. This can not really have any effect on bitcoin price. But there are big events that are coming, bitcoin halving is one of them, another is the bitcoin spot ETF. We should expect bull run for bitcoin as the bill run season is approaching.

[Smack That Ace]

what are your thought? Is bullish Start?

This is good news for investors in Indonesia. But to talk about the impact of this news on the market, I am not sure since Indonesia is not a big country, it will hardly attract any significant attention. I didn't even know about this news until I saw your thread. If this information comes from major countries like the US or China, I think it is to be expected because it will certainly have a significant impact on the market. If you want another bullish this year, we need bigger news with this one.

[_act_]

The government owns the crypto exchange that's cool.  Is this the first where an exchange is owned by the government?
I can already see where the market will go and what will happen to the existing exchanges today like coinbase seem to be favored by the government as it partners with Blackrock. I guess Coinbase will be officially the crypto exchange for US citizens.  Binance will be China? Definitely 

Anyway, we all have out local exchanges, I guess I will also assume our exchange will be government owned as well.

This will be the first that I have heard of.

Coinbase is not only the crypto exchange that is existing in United States, there are other ones like Binance.us, Kraken and some other exchanges in United States.

Binance headquarter was in China before, but no more there since many years ago. Most countries in the world allows Binance.com to render its products and services to their citizens.

Its very good news and inspiring development for Indonesian investors/traders, as well as for overall adoption and growth of crypto industry. Given that Asia is the ls the most populous continent, crypto friendly policies implemented by the governments of the regional countries can play pivotal role for establishing it as widely accepted method of payment and appealing option for long term investment.

I do not see it as a good news, I prefer crypto exchanges to be private, instead of government to be the one in control directly. If Indonesians have alternatives, that is better in my own opinion.

[Husires]

It is an advanced step by the Indonesian government to protect the assets of traders instead of depositing in multinational platforms that impose the same level of AML, however, the risks are great for investors. What worries me most is the statement that all cryptocurrency transactions can only be conducted through an exchange, and this means that they will control the trading prices and fees. Purchase prices.

The news is good, but I do not expect to see a quick impact on the price of Bitcoin.

[bittraffic]

The government owns the crypto exchange that's cool.  Is this the first where an exchange is owned by the government?
I can already see where the market will go and what will happen to the existing exchanges today like coinbase seem to be favored by the government as it partners with Blackrock. I guess Coinbase will be officially the crypto exchange for US citizens.  Binance will be China? Definitely 

Anyway, we all have out local exchanges, I guess I will also assume our exchange will be government owned as well.

This will be the first that I have heard of.

Coinbase is not only the crypto exchange that is existing in United States, there are other ones like Binance.us, Kraken and some other exchanges in United States.

Binance headquarter was in China before, but no more there since many years ago. Most countries in the world allows Binance.com to render its products and services to their citizens.

Its very good news and inspiring development for Indonesian investors/traders, as well as for overall adoption and growth of crypto industry. Given that Asia is the ls the most populous continent, crypto friendly policies implemented by the governments of the regional countries can play pivotal role for establishing it as widely accepted method of payment and appealing option for long term investment.

I do not see it as a good news, I prefer crypto exchanges to be private, instead of government to be the one in control directly. If Indonesians have alternatives, that is better in my own opinion.

From that I have read the US government afaik gives a directive to Binance.us where only US citizens can be their employees. That tells something is pretty much what is happening. To other US exchanges like Kraken, I think it's no problem for them as they are US company.

The Indonesian government mandated that all crypto transactions can only be done through this exchange. This is pretty slick because apart that they collect KYC, they can also trace all the wallet addresses linked to whichever coins passes thru this exchange.

[blue Snow]

The Indonesian government mandated that all crypto transactions can only be done through this exchange.

I hope this doesn't happen, and not forcing available exchanges to join their scheme. Because as far as I know, when the government has entered any exchange, they will organize the price. So when the price goes up and down significantly, they will cut and close the pair. They will make the exchange like the stock. so, if happen, we don't see the reality again like we did trade like spot exchange before.

The government tries various ways to make crypto can be controlled by 1 hand. Not pure again to basic economics, supply, and demand.

(please don't move it again this thread on the local board, this is not about local news)

[dansus021]

The Indonesian language is very similar to English, and they almost use the same letters, or am I wrong?

yeah some indonesia words are the same the list might be a lot but here few examples https://masteringbahasa.com/list-of-indonesian-words-similar-to-english

and malay language is like combining indonesia and english, Indonesia language uses same alphabet too

[Iranus]

tapi menurut ane sih bagus bagus aja semisal Indonesia punya exchangenya sendiri cuman menurut ane exchange di indonesia udah banyak juga sih  apakah mereka bisa ikut bersaing dengan exchange yang udah ada duluan.

For those who prefer to use centralized exchanges, they will turn to government centralized exchanges rather than private institutions because of its safety. I think they will outperform and prevail over other exchanges in terms of safety. But when the government launches its own exchange, will it continue to license other exchanges or will it find a way to get rid of them?

tapi good news nya semisal ini beneran terjadi ya mungkin bisa ditiru negara lain kalau berhasil dan at the end mungkin kalau berhasil banyak masyarakat yang akan ikut berinvestasi ke dunia crypto

I don't know if this will be good or bad for the market. I don't expect this to happen, although it will be safer for us but again the government will have complete control over us. Moreover, what I fear more is the government monopoly, they will find a way to get rid of other exchanges and force us to use their exchange.

[Rikafip]

what are your thought? Is bullish Start?

Someone will correct me if I am wrong, but I don't think that Indonesia market is so big or influental that it could even start small pump, let alone bull run. I mean, just look at at the bitcoin price which hasn't move dat all after this news got released.

But generally, I don't like seeing countries getting into stuff like this because they are usually not good at handling the business.

[ZAINmalik75]

Indonesia is a growing country just like ours and according to this source 4.5% of the total population in indonesia uses crypto which will increase when this exchange will be opened. Because there must be many other people wanted to start there journey in crypto industry but hesitate to start.

Because they didn't trust it, but after seeing the one started by their own government they will definitely adopt BTC. Which will increase the demand and we might see another uptrend. This uptrend will be helped with good news of ETFs etc. Because such news will help market to boost up.

This might not be the bullish start, because the bullish cycle will be started after the halving. So, we have to wait for proper bullish cycle. This will just be a small up trend in market. But real up trend might start in the start of 2025 or end of 2024. Indonesia is not a big or progressive country like USA so the impact of such adoption rate will be low.

[blue Snow]

But generally, I don't like seeing countries getting into stuff like this because they are usually not good at handling the business.

Yes, just like you said, when the government has handled the company, then there will be a condition of interest from each other. I saw several officials in government as owners of specific crypto, so there will be a conflict of interest if crypto he has owner dump or not to his liking. That possible the market is not going decentralization price like another exchange, that possible (i.e. bitcoin price) on my country is $50K, while outside countries like USA or China $50K, but on another side, we can't withdraw it or arbitrage it on another exchange.

[passwordnow]

Anything like this news gives a bullish feeling. AFAIK, Indonesia was one of the countries that I have heard that's too strict with Bitcoin and now they're opening an exchange and that's not even the news, the exchange is backed up by the government. Sounds good.
But again, despite this being good news, we know that the entire market should be decentralized, and having a government-supported exchange doesn't sound right. Anyway, we're up to this and we see this coming.