Indonesia is reportedly going to setup their own National Cryptocurrency Exchange by the end of 2023.
The Commodity Futures Trading Regulatory Agency of Indonesia, also known as "Bappebti", is in charge of overseeing cryptocurrency assets.
According to the acting head of Bappebti, Didid Noordiatmoko, the Financial Services Authority will assume regulatory power over the course of the next two years.
Despite being worried about crypto competing with their only legal currency, the rupiah, Indonesia has been a strong supporter of cryptocurrency.
According to Bloomberg, there were 16 million crypto investors in Indonesia in the first 11 months of 2022, which is an increase of almost 5 million people.
However, on the other hand, Bank Indonesia is also planning to launch their own central bank digital currency, the "digital rupiah".
In my opinion I am not too sure whether to be excited or nervous about this news; I guess, for now, I will just wait and see.
With the news of Indonesia launching a digital rupiah, it makes me think that they will force users of the new National Crypto Exchange to use the digital rupiah to invest.
Also, I assume that only citizens of Indonesia will be able to use this new crypto exchange, however no official statement has been made regarding that.
What are your thoughts on this news?
Are you booking your ticket to Indonesia?
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