Indonesia to launch state-owned cryptocurrency exchange by June

Indonesian Ministry of Commerce plans to launch a national cryptocurrency exchange by June this year. It was originally planned that the site will appear in December last year.

Indonesian Trade Minister Zulkifli Hasan said during the opening of Crypto Literacy Month in Jakarta that the government is now selecting companies that will become the basis for launching a national crypto exchange.

At the moment, the local regulator has five active cryptocurrency exchanges registered. According to Hasan, all five sites can participate in the creation of a national exchange.

The state cryptocurrency exchange will act as a clearing house and custodial service for the local market. The platform will guarantee the execution of transactions and be responsible for the storage of crypto assets of Indonesian residents.

The minister urged citizens to be patient, as it is necessary to carefully work out all aspects:

“Let's not rush, because if the site is not ready, then everything will become extremely confusing. The government does not want this, does not want damage to residents, especially since many citizens have little understanding of digital currencies.”

Recently it was reported that the Indonesian authorities are going to regulate all cryptocurrencies under the rules for securities.