The Indonesian government is one step ahead in the growth of cryptocurrency users in Indonesia. Cryptocurrency is very popular among young people and investors. The Indonesian monetary commission plans to run an official cryptocurrency exchange.
PT Kliring Berjangka Indonesia (Persero) atau KBI akan mempersiapkan ketersediaan permodalan hingga infrastruktur untuk mendukung pembentukan bursa aset kripto di Indonesia. Kesiapan ini dinilai telah memenuhi ketentuan untuk mendukung ekosistem investasi aset kripto.
PT Kliring Berjangka Indonesia (Persero) or KBI will prepare the availability of capital and infrastructure to support the establishment of a crypto asset exchange in Indonesia. This readiness is considered to have met the requirements to support the crypto asset investment ecosystem.
https://www.cnbcindonesia.com/market/20210426135526-17-240896/ri-bakal-punya-bursa-kripto-bumn-ini-siapin-infrastrukturnya
This is good news for cryptocurrency traders and investors. In the last few years, there have been two start-ups that have made successful ICOs. Pundi-x and Vexanium earned good returns on their investments. However, their bases were not in Indonesia because of the regulations. Regulations that are being made provide the opportunity for companies and start-ups to issue their own tokens or coins. There will be more start ups that are based in Jakarta that will issue their own crypto assets in the future. This opportunity will create new employment in the digital world and new projects. The country will also benefit from the taxation of crowd funding and exchange.
Cryptocurrency trading volume in Indonesia reaches IDR 370 trillions. ($ 25,5 billion). It is only 1 % of the global volume.
May 2021, the latest data reached IDR 370 trillion.
https://www.cnbcindonesia.com/tech/20210721112800-37-262411/bikin-kaget-transaksi-kripto-di-indonesia-tembus-rp-370-t
Indonesia prohibits cryptocurrency as a means of payment. The only accepted payment is IDR. The regulation states that cryptocurrencies are digital assets or properties. Trading and exchanging digital assets with IDR are legal on registered exchanges.
Senior Deputy Governor of Bank Indonesia (BI), Destry Damayanti supports that the regulation of crypto trading is under the Ministry of Trade.
https://www.merdeka.com/uang/didukung-bi-wamendag-dorong-pembentukan-bursa-kripto-di-indonesia.html
The Indonesian Central Bank gave the green light to the establishment of the national cryptocurrency exchange.
A national cryptocurrency exchange is needed to protect customers, prevent money laundering, and fund terrorism. With strict and transparent rules, cryptocurrency investors will be guaranteed and protected by the state. Though, cryptocurrency is not legal tender, the Indonesian government is friendly toward cryptocurrencies.