Indonesia Launched Crypto Exchange

Last week we got an update from the Indonesian government that they are planning to open a Crypto exchange in the country and finally they have done it on July 20. This is great news for the people in Indonesia and they must be very happy since the government has given them the option to trade on virtual currencies in a legit way. I'm not sure if any government in the world has taken this kind of initiative but this is a great move I believe towards adoption for cryptocurrencies. this process must have been under discussion for a long time and finally, the country has taken the lead to build something that can empower them with crypto adoption as well as it will give their citizens easier options to deal with this revolution.

Having an exchange that is backed by the government is great support for the Crypto industry in the country as well as this has gone to the next level because they have also set up a clearing house. This is a great initiative indeed because they are trying to build a solid infrastructure that can deal with any amount of transactions while keeping it easy for the buyers and sellers. The idea of clearing house is really good because this way they will be trying to ensure hassle-free transactions between the buyers and sellers and they will be working as mediators.

src

The national cryptocurrency exchange announced by the Indonesian government a week ago has begun to function, according to a statement from the country’s Commodity Futures Trading Supervisory Agency, known as Bappebti. Bappebti confirmed the opening of the exchange on July 20. In addition, the agency has established a futures clearing house along with the exchange. A clearing house mediates between a buyer and seller, ensuring the transaction goes smoothly.

While reading this type of update I feel a bit sad because my country is not doing anything good in this space. they were in a hurry to implement the tax for the crypto industry but even now I see people struggling with the tax filing. they're not prepared to provide something which is much needed for the industry in India and here Indonesia has taken additional steps to ensure that the users do not face problems. During the bull run the crypto segment has got more attention worldwide and even in India we have seen a higher number of new user sign-ups across the exchanges and it is because everyone wanted to be part of this growing space. Now since the market is not in a good situation so many users are not active but on top of that the taxation and TDS implementation is also one of the factors that has affected the industry.

Exchanges are struggling for their survival in India because after tedious they are trading volume dropped drastically. I believe the government needs to understand and realize how big this industry can be if they support it rather than bringing something which can damage the overall industry and stop its growth.

I hope someday the Indian government takes this kind of initiative and steps to empower the community and that will be the time when we can say that yes the government is now supporting the innovation but it seems it is not going to be easy.

Thank you so much
Stay Safe

Posted Using LeoFinance Alpha