Indonesia launches national cryptocurrency exchange amid 69% drop in transaction volume Indonesia launches national cryptocurrency exchange amid 69% drop in transaction volume
Cryptocurrency transaction volume in Indonesia declined 69% during the first half of the year.
2 min read
Updated: Jul. 21, 2023 at 1:30 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Indonesia launched a national cryptocurrency exchange that became operational on July 17, according to a July 20 statement from the Commodity Futures Trading Supervisory Agency (Bappebti).
The country also announced that its futures clearing house has been operational since July 17.
Per the press statement, PT Bursa Komoditi Nusantara got the approval for a crypto asset Futures Exchange, while PT Kliring Berjangka Indonesia will clear transactions on this platform. The authorities approved PT Tennet Depository Indonesia as the crypto asset storage manager.
Didid Noordiatmoko, the head of Bappebti, said that these platforms’ establishment was evidence of the government’s efforts to create a fair crypto ecosystem.
“The establishment of exchanges, clearing houses, and managers of crypto asset storage is proof that the government is present in an effort to create a fair and fair crypto asset trading ecosystem to guarantee legal certainty and prioritize protection for the public as customers.”
The government official stated that these platforms would contribute to the economy through state revenues, adding that the agency requires the collaboration of other federal agencies like the Financial Services Authority (OJK), the central bank, and the Ministry of Finance to ensure their smooth running.
Indonesia’s crypto transaction volume declined by 69%
Meanwhile, the authorities revealed that cryptocurrency transaction volume in the Asian country fell 68.65% during the first half of the year to 66.44 trillion rupiahs ($4.42 billion), with Indonesians heavily trading Tether (USDT), Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Binance Coin (BNB).
Noordiatmoko attributed the decline to the global state of the cryptocurrency industry and highlighted how the market’s low liquidity situation has negatively impacted price stability and market efficiency.
According to him, the industry was still dealing with inadequate regulations, and the effect of the U.S. Federal Reserve policy increased the hike of interest rates.
However, Noordiatmoko looked to big technological firms like Meta, Google, and Twitter, commenting they were beginning to integrate blockchain technology into their operations, suggesting that this proves the crypto industry’s future was still promising.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,135.23
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
XRP
$1.12211
Theย XRP Ledgerย is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Tether
$1.00022
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.