Indonesian Minister Unveils Plans For Rolling Out State-Backed Cryptocurrency Exchange

Indonesian Minister Unveils Plans For Rolling Out State-Backed Cryptocurrency Exchange

In recent news, Indonesia seems to be following in the footsteps of its business partner and neighboring country Singapore in terms of exploring the possible utilization of cryptocurrency and blockchain technology. One would argue that there is a logic behind this initiative, as Indonesia is currently ranked in the top 15 countries in the world for migrant remittance receipts. It is estimated that approximately $10.5 billion have been sent in remittances from foreign workers stationed in Indonesia.

Exchange to be introduced to accommodate and regulate crypto commodities

Jerry Sambuaga, the country’s Deputy Minister for Trade, had made headlines through his recent announcement. He essentially highlighted the massive interest that the Indonesian government does have in cryptocurrency and its ecosystem. He further revealed at a seminar the plans that are being put in place by the government to set up their own crypto exchange, which can be utilized to accommodate and regulate crypto assets and commodities in the near future.

When asked about the timeline for this initiative, Sambuaga responded by saying that the exchange will be operational within the next couple of months, or if all goes well, it could even arrive by next month. Time will tell whether this will be the case or if it will take longer for the exchange to arrive.

Initiative to help in capitalizing on the flourishing cryptocurrency craze 

According to Sambuaga, the exchange will hopefully assist in Indonesia’s government being able to capitalize on one of if not the most booming sectors in the entire nation. To provide substance to his argument, Sambuaga cited the trading volumes that had been reached in the previous years, with amounts going as high as $4.44 billion (or IDR 64 trillion) in the hopes of strengthening his case. Moreover, the growth has not stopped as just last month the same volumes had amounted close to IDR 70 trillion.

The Deputy Minister also gave his views on the rapidly increasing crypto market in Indonesia and its increasing value. He agreed that all this is proof of the fact that digital commodities and assets could very well become the alternative or could perhaps someday even be strong enough to act as the main pillar for the purposes of increasing the country’s trade. Indonesia had legalized the trading of crypto assets back in 2018, and if the current trajectory of the global trading of digital assets is anything to go by, it would seem to have been a wise decision indeed.

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