Indonesia has finally made history as the primary country on the earth to have a cryptocurrency exchange. The exchange is known as PT Bursa Komoditi Nusantara and was established on the premise of the Decree of the Chief of Bappebti No. 01/BAPPEBTI/SP-BBAK/07/2023 issued on July 17, 2023.
The technique of creating this cryptocurrency exchange was initiated by the federal government through Bappebti, an establishment under the Ministry of Commerce. The decision represents a step forward for the Commodity Futures Trading Supervisory Agency (Bappebti) and positions Indonesia as a pioneer in providing a trading platform for crypto assets.
Indonesia’s move differs from that of many countries where trading in crypto assets typically takes place through exchanges. Bappebti then appointed PT Kliring Berjangka Indonesia because the futures clearing house for trading in crypto assets and PT Tennet Depository Indonesia because the custodian of crypto assets. This step demonstrates the federal government’s commitment to making a fair and legal crypto asset trading ecosystem with the perfect protection for the general public as customers.
By developing and strengthening cryptocurrency exchanges, clearing houses and cryptocurrency custodians, Bappebti doesn’t act alone. They collaborate with relevant ministries/agencies equivalent to the Financial Services Authority (OJK), Bank Indonesia (BI) and the Ministry of Finance, and have interaction the broader community.
As of June 2023, there have been 17.54 million registered crypto asset customers in Indonesia, exceeding the variety of capital market investors, which was 11.23 million. As recently as June 2023, the transaction value of physical crypto asset trading reached Rp 8.97 trillion, a rise of 9.3% in comparison with the previous month. The most steadily traded crypto assets include Tether (USDT), Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Binance Coin (BNB).
Nevertheless, in the primary half of 2023, the cryptocurrency transaction volume in Indonesia reached 66.44 trillion rupiah, down 68.65 percent in comparison with the identical period last 12 months.
The head of Bappebti on the Ministry of Trade, Didid Noordiatmoko, explained that the decline in the worth of transactions was on account of several aspects, including: a decline in trading volumes in the worldwide cryptocurrency market, a liquidity crisis that affected price stability and market efficiency, and selling pressure that resulted in a correction in the costs of crypto assets.
The Federal Reserve’s policy of accelerating rates of interest has also influenced people’s behavior, with many switching from digital asset transactions to saving. Besides, individuals are also waiting for the federal government’s policy regarding the P2SK Act.
Despite this, blockchain technology remains to be in demand and an increasing number of large corporations equivalent to Meta, Google and Twitter are incorporating this technology into their business operations. This shows that the event of physical trading of crypto assets remains to be promising in the long run.
