According to Bloomberg, the Indonesian government plans to introduce a cryptocurrency exchange in 2023 as part of its attempts to modernize the country’s financial system.
This declaration comes after the House of Representatives approved the Financial Sector Development and Reinforcement bill (P2SK), which aims to become the basic legislative standard for the financial services industry.
It is important to note that although bitcoin is not regarded as legal cash in Indonesia, it can be exchanged for financial reasons on the commodities futures market. The value of cryptocurrency transactions in Indonesia decreased by half in 2022, from IDR 859.4 trillion ($55 million) to IDR 296.66 trillion ($19 million), according to data from Bappebti.
The exchange will be set up before the Financial Services Authority takes over regulatory control from the Commodity Futures Trading Regulatory Agency of Indonesia (Bappebti) (FSA).
Although its effect on the use and acceptance of cryptocurrencies in Indonesia is yet to be determined, the exchange is anticipated to give better transparency and regulation in the industry. A digital rupiah that can be used to make purchases in the metaverse is also expected to be introduced by the nation.