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Govt paves way for own crypto exchange, clearing house
Indonesia has established its own cryptocurrency exchange, crypto asset clearing house and depository.
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Currency of the future? An image of the virtual currency Bitcoin and US$1 banknotes are seen in front of a stock graph. (Reuters/Dado Ruvic)
Indonesia has established its own exchange, clearing house and depository for cryptocurrencies.
According to Commodity Futures Trading Regulatory Agency (Bappebti) head Didid Noordiatmoko, those institutions support the government's endeavor to build an equitable trading ecosystem and ensure customer protection.
"Physical trading of crypto assets carries a high degree of risk. By their nature, crypto assets can increase or decrease in value drastically in a short time. Therefore, the community must have a clear understanding of the benefits, opportunities and risks related to trading crypto assets," Didid said in a statement on July 20.
Indonesian law does not allow for bitcoin or other cryptocurrencies to be used as a means of payment, which is why they are officially referred to as crypto assets, not cryptocurrencies.
The three new institutions are based on three Bappebti decrees issued on July 17. According to the decrees, PT Bursa Komoditi Nusantara will operate as a crypto asset futures exchange, PT Kliring Berjangka Indonesia will serve as a futures clearing house for the guarantee and completion of trading in the market and PT Tennet Depository Indonesia will manage crypto asset storage.
Didid emphasized that the crypto asset industry in Indonesia, based on the Financial Sector Development and Strengthening Law, would be well-maintained and could contribute to the economy through state revenue.
Like in much of the world, crypto trading has attracted a rapidly increasing number of people in Indonesia.
