Local news reports reveal that Indonesia’s Commodity Futures Trading Supervisory Agency (CFTRA) is set to debut a national cryptocurrency exchange within the coming weeks.

Indonesia news agency Tempo reported on July 14th that CFTRA’s head, Didid Noordiatmoko, stated that all cryptocurrency transactions in the nation will only be allowed to take place via the national exchange.

He also noted that “yesterday we agreed on the stock exchange rules” which also included Know Your Customer (KYC) procedures, and that crypto trading on the exchange will be facilitated via an integrated application which the CFTRA, also known as Bappebti, has already tested.

Noordiatmoko made it clear that Bappebti aims to restrict cryptocurrency sales to local transactions while keeping transactions in-line with global market developments. These shall include, according to the report, the question of crypto prices, given that Bappebti approves them.

The nation’s Ministry of Trade was looking to launch the national exchange all the way back in December of 2022, followed by efforts to launch the platform on June of 2023 but the project has been delayed.

Sources:

https://cointelegraph.com/news/crypto-indonesia-to-launch-crypto-exchange-in-july

https://beincrypto.com/indonesian-crypto-exchange-launch-july/

https://en.tempo.co/read/1748024/indonesia-to-launch-crypto-exchange-this-month