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

[yudi09]

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

The main positive impact of having a crypto futures exchange managed by the government is local investors.
They (local investors) will be more enthusiastic in carrying out investment activities because they are increasingly protected regarding legal certainty.

Regarding the price impact, I don't think it will have a big effect on bullish or bull run because the price is very influential on issues that occur internationally as said by Didid Said depending on the development of the international market in the quote you listed.

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.

what are your thought?

I am happy and welcome their decision.

With the presence of this crypto futures exchange, I wonder what will be the fate of exchanges that have been operating in Indonesia such as indodax and tokocrypto which are registered with Bappebti.

[1714662163]

1714662163

[1714662163]

1714662163

[1714662163]

1714662163

[kryptqnick]

I'm happy that Indonesia is embracing the crypto industry this way, but I don't like that it's not open to private competition. According to the article, upon the launch of this exchange, it will only be legal to perform crypto transactions via it. So that, I assume, means that private companies won't be allowed to compete with this governmental exchange, which means there won't be motivation for improvement, and there won't be opportunities for local entrepreneurs. I'm also alarmed it might mean that even crypto wallets will be illegal, as they allow performing crypto transactions without that official exchange, and all transactions must go through the exchange.
Is that true? Is that how it's going to be?

[btc_angela]

I guess it's about time that Indonesia jump on the bandwagon, in this forum around, it is one of the biggest local boards and we have seen a lot of good Indonesian member here.

So it just shows that indeed, bitcoin or at least crypto is very well known in their country and it's good that their government is very open and supportive about it. As far as it a bullish news, we can't answer for that. The only catalyst for a bull run is the bitcoin halving which is still like more than 6 months from now. Nevertheless, this is a welcoming news.

[elevates]

Good news for the Indonesian crypto community! After the launch they wont need to use International exchange. The question is whether the government would be able to manage a cryptocurrency exchange. They as in the government would be able to track all transactions after the launch. Which I feel might be the reason they are launching a government control exchange. I assume after the launch we will be able to know the pros and cons of trading on it. I do not think this news would cause a bull run. The simple reason being Indonesia does not have a powerful currency like US & China.

[Baofeng]

Good news for the Indonesian crypto community! After the launch they wont need to use International exchange. The question is whether the government would be able to manage a cryptocurrency exchange. They as in the government would be able to track all transactions after the launch. Which I feel might be the reason they are launching a government control exchange. I assume after the launch we will be able to know the pros and cons of trading on it. I do not think this news would cause a bull run. The simple reason being Indonesia does not have a powerful currency like US & China.

I think that is there goal here, all transactions are going to their local exchanges, so they can track everyone. So there might be pros and cons here as we might like it to be more of a exchanges that the government doesn't own.

Similar to us neighbours, the Philippines, we have exchanges but it's not government control. But just like other exchanges it's is mandated by our local crypto regulators. In any case we will see the effect on Indonesia, they are already huge in crypto space and perhaps they will grow tremendously not just in Asia but globally.

[Casdinyard]

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.

Big or not the upsurge of purchase and trade that this will bring is definitely going to do something to bitcoin's price, could make it move from its comfortable seat at 30k. could make it drastically jump to a different price point which it has been marinating now considering the halving is almost afoot. But the latter's not really somethign we should expect outright, since as you said, Indonesia's not really big when it comes to crypto and at most what they could do is create a surge of domino effects within the Southeast Asian Region.

at the end of the day all we could do here is speculate and hope for the best. The fact that countries are one at a time opening their doors for cryptocurrency amidst the backlash and hate is more than enough evidence that bitcoin and crypto has a chance to prevail.

[Jacqueline Tjoa]

what are your thought? Is bullish Start?

We don't know if the bullishness will happen after the official launch, but one thing is for sure, ordinary people who were previously afraid to get into crypto will be more emboldened because this is an exchange that is fully supported by the government. Good news will certainly have a positive impact on the market, we'll see what will happen later.

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.

Indonesia is a country with a large population adopting crypto, you should read this article. The release of this national exchange will not only have a big impact locally but also globally. This news was also published not only locally, but global media also published this news, along with the media:

1. https://www.coindesk.com/policy/2023/07/21/indonesia-crypto-stock-exchange-clearing-house-goes-live-after-long-delays/
2. https://www.reuters.com/technology/indonesia-launches-new-crypto-bourse-clearing-house-2023-07-21/
3. https://cointelegraph.com/news/crypto-indonesia-to-launch-crypto-exchange-in-july
4. https://cryptoslate.com/indonesia-launches-national-cryptocurrency-exchange-amid-69-drop-in-transaction-volume/
5. https://thenewscrypto.com/indonesia-to-launch-national-crypto-exchange-by-july-end/
6. https://coinmarketcap.com/alexandria/article/indonesia-plans-to-launch-national-crypto-exchange-in-july
7. https://news.bloomberglaw.com/crypto/indonesia-aims-to-launch-crypto-exchange-this-month-bappebti

[armanda90]

Respect what did by Indonesian government how to advertise with Bitcoin, but Indonesia population under 1% interested with Bitcoin due many issues about Bitcoin is haram there. I am from Indonesian and know detail around my environment not really interested with bitcoin, I don't think have bigger impact about Indonesian exchange are opening end July will make bitcoin drastically pump. Need huge population how to make bitcoin get bigger impact for going up, Indonesia has the largest population around the world but few percent of population know and invest in  Bitcoin.

Bitcoin will get progress up to higher price if Indonesian population interested with Bitcoin, less of Indonesian people still don't know about bitcoin and what advantage from investing in bitcoin.

[Ale88]

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?

With all due respect, I don't think Indonesia has any kind of importance in the crypto world. It's a country with, potentially, many many users because of the big population but whether bitcoin is legal or not it's not going to make a difference for the market, the important markets are others.
Of course it's nice to hear that bitcoin is legal and that the government is not against it.

[sokani]

With all due respect, I don't think Indonesia has any kind of importance in the crypto world. It's a country with, potentially, many many users because of the big population but whether bitcoin is legal or not it's not going to make a difference for the market, the important markets are others.
Of course it's nice to hear that bitcoin is legal and that the government is not against it.

It is wrong of you to give importance to a particular nation because of their advancement in technology or how populated they are and look down on the other. Every nation is important to achieve mass adoption of bitcoin, and the move by the government is a welcomed one, though it's going to be centralized and users are required to perform KYC. But in time the naive indonesian citizens or starters are going to know more and look for a better and safer alternatives like bisq exchange that can give them complete privacy and safety.

[yazher]

Looks like this is good news since this is one of the countries that seem to be not putting any importance on crypto because they have some laws that put the investment of bitcoins in their country in jeopardy but it seems like the wind has changed and they now wanted to get on the trend and might also becoming one of the countries that will gonna support bitcoins in the future. Since the Bitcoins bull run is expected to happen just after the Bitcoin halving next year, now is the right time for the exchanges to expand their branches to another part of the world so that their clients will get used to it and will encounter few bugs when the actual bull runs happen, it will be a truly busy market.

[avikz]

While this news is generally a good one but can anyone please confirm whether this national crypto exchange will only offer futures contracts or they are going to offer spot as well?

Future contracts are not much useful because it won't add liquidity to the crypto market. It's just a method of making money out of thin air. If spot is also offered that might bring in some serious amount of liquidity in the crypto market.

[Blitzboy]

This is a little ripple amid the global crypto market's massive changes. Indonesia's first government-backed cryptocurrency market is significant. Institutional acceptance could boost crypto and Bitcoin trust.

The market wont always rise. Bitcoin's price can be affected by global rules, market sentiment, technology improvements, and more, even though investors may wish to test the waters due to government participation.

Indonesia's move has two political sides. Its a hint to crypto acceptance. However, tougher laws could reduce crypto creativity and decentralisation. Im apprehensive but intrigued by this roller-coaster journey.

[Wimex]

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?

With all due respect, I don't think Indonesia has any kind of importance in the crypto world. It's a country with, potentially, many many users because of the big population but whether bitcoin is legal or not it's not going to make a difference for the market, the important markets are others.
Of course it's nice to hear that bitcoin is legal and that the government is not against it.

Well, I believe that it could bring a significant impact to the bitcoin market, maybe not right now, but as adoption progresses, it is the same as with the other countries that see potential in this currency and begin to integrate it, as time goes on it will bring more demand and along with it upward and more stable movements.

There is an article that I was reading that is related to the importance that it would bring to the cryptographic industry that more countries give way to the regulation of bitcoin, in this it is analyzed all the benefits that said adoption will bring.

Source: https://www.financemagnates.com/cryptocurrency/regulation/the-potential-impact-of-regulatory-changes-on-the-crypto-market/

Here you might have a different approach than when it comes to regulations in general. Of course I want to note that they are only opinions, since in order for there to be clear evidence and statistics of the impact that these decisions are bringing, you have to wait at least a year to be able to make comparisons.

[yhiaali3]

The news is generally positive, the platform being officially supported by the Indonesian government means this is a kind of recognition of the legitimacy of Crypto.

But if we check the news:

Bappebti head Didid Noordiatmoko said that once the exchange is launched, all crypto transactions can only be done through the exchange.

This small detail shows how things are going towards centralization and full control of crypto by the Indonesian government, because all cryptocurrency transactions will be done through the government-controlled exchange.
In addition, of course, to impose KYC.

[Nrcewker]

This news definitely gonna boost the price of crypto and specifically Bitcoins. Now as Bitcoins are made legal and exchange is regulated by government, so more people will try to buy Bitcoins and invest in it, hence they will increase the demand to buy the coins. Now we know when the demand to buy the coin increases, the price also goes up. Hence it is sure that Bitcoins will go up at least by a little percentage. This can’t be claimed as starting of a bullish market but yes like these small good news can really heat up the market.

[jaberwock]

Everything "nationa" is not the best entry in crypto for sure. There are a lot of other places to buy crypto that not connected with gov

It may not be the best entry for you but what about for the people who are living on that country? It is said it was their first time, so people might be excited to buy tons of cryptos and that will still have a great impact in the over-all market. Yes there are lots of places where you can purchase a crypto but many of them are kind a risky.

We don't know who is behind on them and what is their real motive. Let's admit it, these government-backed crypto exchanges are still safe. I know it might still be not appealing for a user who value the true nature of cryptocurrencies which is pure decentralization.

[ShowOff]

what are your thought? Is bullish Start?

No, that's not a big reason to keep the market bullish. Even so, this news will be responded positively by local traders, but globally it will not have a big effect. So far there are many reasons why large traders or investors avoid local exchanges for trading, including tax regulations and several other things that are not profitable for users. Low transaction volume is also a reason, but there are surely many more.

But the question is, why wasn't this thread created on the local board instead?

[justdimin]

This small detail shows how things are going towards centralization and full control of crypto by the Indonesian government, because all cryptocurrency transactions will be done through the government-controlled exchange.
In addition, of course, to impose KYC.

That would not be that much of a trouble because people really want to do it and that alone is enough if you ask me. Think about it, we are talking about something that gives credibility and legitimize bitcoin and that means it is going to be used anyway. It is not going to be simple to make it work because we are talking about government interference and people do not like that.

But, when the alternative is not to use it, I would rather let the government interfere and still use crypto then not use crypto at all. That option is not an option at all for me, because in that case I am not using crypto, or illegally use it, and that is never a good thing to do because if you are caught then you are going to face bigger trouble for sure.

[yhiaali3]

That would not be that much of a trouble because people really want to do it and that alone is enough if you ask me. Think about it, we are talking about something that gives credibility and legitimize bitcoin and that means it is going to be used anyway. It is not going to be simple to make it work because we are talking about government interference and people do not like that.

But, when the alternative is not to use it, I would rather let the government interfere and still use crypto then not use crypto at all. That option is not an option at all for me, because in that case I am not using crypto, or illegally use it, and that is never a good thing to do because if you are caught then you are going to face bigger trouble for sure.

Yes, from this point of view, you are right. It is true that it is completely centralized on the one hand, but it is legitimized by the government on the other hand. This is better than central exchanges owned by private companies because at least if any problem occurs, you will not worry about your money.

The only problem, as you mentioned, is that people do not like the government's intervention, but currently there is no choice, because either this or the ban and facing legal problems with the government.