The cryptocurrency market declined significantly in 2022 due to bearish market trends. Despite this, many centralized exchanges did extremely well by recording above-average trading volumes during this difficult period.
On Wednesday, 4th January 2023, Didid Noordiatmoko, the Head of the Commodity Futures Trading Regulatory Agency of Indonesia (Bappebti) made it known that plans have been made for the setting up of a national cryptocurrency exchange in 2023.
This move is seen by many analysts as a strategic move that is part of a financial reform launched by Indonesia in December of last year.
Unlike China which imposed an outright ban on the use of all cryptocurrencies in 2017, the country imposed a blanket ban (Indonesia’s top Islamic scholarly body found crypto assets such as BTC harmful) within the period. Despite this, the trading of cryptocurrencies has not been hampered. This is the primary reason why around 383 crypto assets and 10 local tokens are being legally traded in the country while an additional 151 assets and 10 tokens are under review.
Aside from these, some of the highest crypto exchanges by trading volume across the globe are available to residents of the country.
While Didid Noordiatmoko revealed a substantial reduction in the value of cryptocurrency transactions from approximately $55 million in 2021 to around $19 million in 2022, a national crypto exchange could lead to a revived interest in digital assets which could see a double, triple, quadruple, or quintuple in transaction value.
Aside from the launch of a crypto exchange, plans are being made for the release of a national digital currency in the form of Digital Rupiah.