Indonesia’s Minister Discloses Plans To Initiate the Launch Of State-Backed Digital Currency Exchange

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Indonesia has been speculating its neighboring country Singapore which is also the business partner of Indonesia in several projects, and Indonesia is planning to start exploring the crypto world and blockchain technology, as Indonesia’s interest fundamentally based on a valid and good reason is to gain better financial status. As per a census report released by the World Bank, Indonesia is standing at 14th rank in worldwide migrant remittances’ receipts holding an estimated $10.5 billion delivered to the home country by working abroad.

Keeping this context and scenario in view, Jerry Sambuaga, who is currently appointed as the Indonesian Deputy Minister of Trade, has expressed his views in headlines which showed the same intentions as the keen interest expressed by the government in the crypto world and trading different cryptocurrencies. While expressing the intentions in a webinar related to the crypto-assets, Jerry Sambuaga disclosed that establishing a crypto exchange is under consideration these days for accommodating the crypto-assets.

One of the most captivating news that drew the attention of the traders was the hint that it is the right time for those who are looking for a trusted platform for maximizing profits, as the news states that it might be in the coming couple of months or near future, in Indonesia there will be a properly functioning exchange focusing on regulating and accommodating the crypto trading commodities.

The Indonesian minister is of the view that this initiating step will benefit the government by capitalizing on the state’s boosting crypto sector. In addition, he also disclosed that last year, trading volume reached up to 64 trillion Indonesian rupiahs (IDR) or $4.44 billion to the current case. Moreover, the following February, this flux was spiking the figure of 70 trillion Indonesian rupiahs (IDR).

Indonesian Deputy Minister of trade also commented on the surging value of the crypto market that this trend is foreseeing the alternate trading of digital commodities and digital assets in the future, and this would be a strong and reliable pillar for increasing our trade.

As of the ending quarter of 2018, the Indonesian government legalized the trading of crypto-assets which was reported by the Indonesian Blockchain Association (IBA) in 2020, while Indonesia was flooding with more than 1.5 million crypto traders from the different corners of the country.

In brief, it will not be wrong to state that this trend is going to be the developmental cause worldwide. State-owned crypto exchanges are in an exceedingly bid to stimulate the domestic merchants off from the personal sector that might be the next step toward the state’s affirming control regarding the crypto market.


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