News for enthusiasts and active users of the vibrant digital currency. Indonesia continues to take steps towards integrating and monitoring cryptocurrency transactions. Remember, in the country, you can't use crypto for paying for goods and services, but it's entirely legal to trade, exchange, and convert it into fiat, effectively utilizing cryptocurrencies as financial instruments.
The authorities have long planned to launch a state exchange, which they are now realizing. It will be supervised by PT Bursa Komoditi Nusantara and the clearing service Kliring Berjangka Indonesia. Additionally, the company Tennet Depository Indonesia will manage and store crypto assets. Of course, all of this is licensed by Bappebti - the Commodity Futures Trading Supervisory Agency.
The exchange will feature currently operational licensed private Indonesian trading platforms like Indodax and Tokocrypto, among others. Tennet Depository, in turn, will ensure the secure storage of crypto assets, offering cold and hot wallets supporting 1500+ coins, reliable and verified transaction records, continuous online concierge support, and API functionality. All of this is insured by the reputable Lloyd's Bank.
The websites are already available, albeit functioning partially, but they are worthy of exploration. It is likely that foreigners will find a way to register and use these platforms. In Indonesia, there has been a recent surge in investments in digital currencies, with nearly 18 million citizens entering the digital markets during the pandemic. This surpasses the number of people using traditional markets, be it futures or stock exchanges. However, due to rising interest rates, the local crypto market has deflated by more than half, by 68.7%. Last year, from January to June, Indonesians traded 66 trillion rupiahs, with the majority involving Tether, Bitcoin, Ethereum, Ripple, and Binance Coin.
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