Indonesia's National Digital Currency Exchange aims to protect investors

 

Indonesia's National

Digital Currency Exchange aims to protect investors

Nearly two years later, Indonesia's Futures Trade Regulatory Agency (Bappebti) launched a national digital currency exchange to ensure uniformity among industry participants.

Bappebti has launched its own clearing house and digital assets store to accompany the National Stock Exchange

Didid Nordiatmoko :

1. head of commodity trading watchdog
2. revealed that the move is designed to protect
3. the growing number of digital currency investors

from industry-related risks.

Physical trading of encrypted assets involves a high degree of risk. By their nature, encrypted assets can increase or significantly decrease in value in a short time. "

Therefore :

society must have a clear understanding of

the benefits, opportunities and risks of trading cryptocurrencies.

After launch :

all digital currency transactions in

the country must be processed via the national platform.

While information on operations is scarce :

it seems that international transactions may not be supported on the platform

and Bappebti will play an increasing role in price setting.

In the months leading up to the launch :

• Nordiatmoko revealed that

• the system had undergone multiple pressure tests

• while the KYC and Securities Exchange rules were settled.

Indonesia's push for national exchange was not smooth

as the project faced a series of setbacks.

According to the country's Deputy Minister of Commerce, Jerry Sampuaga, the delay in launching the national platform is evidence of the government's plans to avoid serious mistakes in launching the offer.

This is proof that we are being careful

Sampuaga said.

"We don't want to rush because it could cause us to miss something.

• Indonesia's move to launch

• a national digital currency exchange comes

• amid high levels of digital asset adoption in the country.

New data indicate that 15,000 investors invested in the digital currency in May, bringing the number of traders to more than 17.4 million Indonesians.

The launch

was accompanied by strict regulations 

After a series of high-profile explosions rocked the cryptocurrency industry

Indonesian regulators moved to issue stricter rules for the ecosystem.

The Ministry of

Commerce seeks to make two-thirds of the boards of

cryptocurrency providers Indonesian citizens as part of the sector's new rules.

Furthermore :

all service providers are expected to rely on

third-party services to store customers' funds to prevent mixing with assets.

The new rules will :

see cryptocurrencies classified as securities rather than commodities

with a two :

year window to ensure a smooth transition under

the new classification.