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A week ago we talked about the world's governments' plan for cryptocurrency and now we can see the Indonesian government changing the plan for crypto that we are going to talk about here. Within a few weeks, they are going to launch a national exchange and Commodity Futures Trading Supervisory Agency (CFTRA) is playing a major role here, this is popular in Indonesia and also known as a Bappebti. Didid Noordiatmoko is the head of the Commodity Futures Trading Supervisory Agency and he said that crypto transactions that use other than the national crypto exchange will not be allowed.

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So that simple meaning is you must use a national crypto exchange for any crypto-related transactions and aim to do this track every single transaction. They will ask for the KYC and track your transactions. CFTRA plans to restrict crypto sales to local transactions. This project's previous target to launch was December 2022 but it was delayed and now the new month is July 2023. 14 days remaining to end July month so that is why we can expect this exchange will be launched within these 14 days.

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Initiative Started In 2021

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This is not a new change because this was already planned in 2021 and attempted to launch an exchange collaborating with Binance and Binance has an investment share in Tokocrypto Indonesian exchange. After that, it was attempted in December 2022 but finally, it is ready. I personally think this is not good until the tax is fair. And you must have to use the national crypto exchange for crypto transactions is also not a good change because this is not protecting the freedom and decentralization factor of crypto.

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Binance has also collaborated with Wazirx Indian Exchange which was the top exchange in India. But nowadays, Indian exchanges are almost dead because of the harsh tax rules. I think the world's government needs to understand the technology and work according to it without harming the core value of decentralization.

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National Exchange Means Convenient To Collect The Tax

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Let's say your country's government applies this rule that you must have to use a national exchange approved by the government. In this case, they will ask for the KYC. Once you do the KYC, your every single transaction will be tracked. And this way it is easy to collect taxes for the government. Paying tax is very important and I think everyone should have to pay the taxes but that tax should not be higher.

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So this way everyone would love to pay taxes and government will earn more income. So I think they should think about it. I have seen that the tax amount is not higher in Indonesia but I have not done any research on it. We will talk about it in a future post. Thanks for giving the time to read this post please share it.

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Thank you, everyone.

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Lucky Ali

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		Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested to learn new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥

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