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Indonesia to Introduce a National Crypto Exchange in 2023

On Jan. 4, the chairman of the Commodity Futures Trading Regulatory Agency of Indonesia (Bappebti), Didid Noordiatmoko, suggested that a crypto exchange should be set up this year. The change comes as a part of broader financial reform introduced in December 2022.

In accordance with the change, the crypto monitoring will be seized from Bappebti, a commodities-focused organization, in the next two years, by the Financial Services Authority (FSA) (FSA).

As a part of its overhaul of crypto law, Indonesia will build a crypto exchange in 2023, according to sources. The platform is scheduled to be introduced prior to a transition of regulatory power from commodities to securities authority.

The conceptual design of a digital rupiah, a currency equivalent to the country’s fiat, was made public by Bank of Indonesia Governor Perry Warjiyo in December.

Indonesia’s History With Crypto Exchange:

Starting in 2017, Indonesia issued a blanket ban on crypto payments. However, dealing in digital assets has generally remained legal in the country. 

During that time, the National Ulema Council (MUI), Indonesia’s leading Islamic intellectual authority, apparently declared cryptocurrencies such as Bitcoin to be haram, or outlawed by Islamic teachings.

The chairman of MUI’s Fatwa Commission, Asrorun Niam Sholeh, also confirmed the religious authority’s condemnation of cryptocurrency due to suspected features of “uncertainty, wagering, and injury.”

As a result, in order for the MIU to endorse crypto trading, cryptocurrencies such as Bitcoin are required to follow Shariah criteria as a commodity or digital asset and demonstrate a “clear advantage,” according to higher authorities in Indonesia.

Later, as part of the Ulama Fatwa Commission, the MIU considered Bitcoin. The Ulama Fatwa Commission is intended to address some of Indonesia’s most pressing social, political, economic, and legal concerns through the perspective of Islamic law.

In late October, the MIU’s East Java branch issued a fatwa — a “formal judgement or explanation on a matter of Islamic law presented by a qualified legal scholar” — pronouncing cryptocurrency use haram.

Yet, as dealing in digital assets continued to be accepted by the citizens, BTC usage slowly became accepted over the years. But there were ups and downs everywhere in the past year, also Indonesia. Likewise, Noordiatmoko announced in the early days of January that the value of crypto transactions in the country would fall by half in 2022, from 859.4 trillion Indonesian rupiahs ($55 million) to 296.66 trillion ($19 million).

Final Verdict:

Now, as crypto acceptance and exchange is growing in Indonesia, the country is taking steps to make it further accessible and effective for everyone in Indonesia with the launch of the National Crypto Exchange this year. However, it is too soon to predict the impact and growth of this exchange in the coming time. 

Stay tuned for more crypto news.Indonesia

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