Indonesia launches national cryptocurrency exchange amid 69% drop in transaction volume

According to reports on July 20, Indonesia launched a national cryptocurrency exchange, which began operations on July 17. statement From the Commodity Futures Trading Authority (Bappebti).

The country also announced that its futures clearing house has been operational since July 17.

According to a press release, PT Bursa Komoditi Nusantara has obtained approval to become a cryptocurrency futures exchange and PT Kliring Berjangka India will clear trades on the platform. Authorities have approved PT Tennet Depository India as crypto custodian.

Didid Nordiatomoko, head of Bapebuti, said the establishment of these platforms is a testament to the government’s efforts to build a fair cryptocurrency ecosystem.

“The establishment of exchanges, clearinghouses, and crypto-asset custodians guarantees legal certainty and prioritizes the protection of the public as customers. It is proof that we are working on it.”

Government officials said these platforms will contribute to the economy through state revenues, and the agency will work with other federal agencies such as the Office of Financial Services (OJK), the Central Bank and the Treasury Department to ensure smooth operations. added that it needs .

Indonesian cryptocurrency trading volume down 69%

Meanwhile, authorities said that cryptocurrency trading volume in the Asian country fell by 68.65% in the first half of this year to reach 66.44 trillion rupiah ($4.42 billion), with Indonesians trading Tether (USDT), Bitcoin (BTC), He revealed that he was trading a large amount of Ethereum (ETH). , Ripple (XRP), Binance Coin (BNB).

Noordiatmoko attributed the downturn to the global situation in the cryptocurrency industry, highlighting how declining market liquidity conditions are negatively impacting price stability and market efficiency.

The industry is still dealing with poor regulation, he said, and interest rate hikes have accelerated as a result of Federal Reserve policy.

However, Noordiatmoko noted that big tech companies such as Meta, Google and Twitter are starting to integrate blockchain technology into their operations, commenting that the future of the cryptocurrency industry is still promising. suggested to prove it.

An article about Indonesia launching a national cryptocurrency exchange amid a 69% drop in trading volume first appeared on CryptoSlate.

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