The latest information suggests that as part of Indonesia’s ongoing attempt to update the legislative framework governing cryptocurrencies, the country intends to operate a cryptocurrency exchange in the year 2023.

Users are expected to be able to use the platform before the transition of regulatory power from the commodity authority to the securities authority.

Didid Noordiatmoko, head of the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti), announced on Jan. 4 that a cryptocurrency exchange is due to form in Indonesia this year.

This step is being taken as part of a larger push to restructure the financial system that was launched in December 2022.

As a result of this change, for the next two years, the Financial Services Authority will take over the supervision of cryptocurrencies from Bappebti, an institution whose main focus is commodities. This transition will take place in accordance with the change (FSA).

The Financial Industry Development and Strengthening (P2SK) legislation, which was passed by the Indonesian House of Representatives on December 15, 2018, will now function as the main legal reference in the financial services sector. This change will take effect on January 1, 2019.

Despite the fact that the Indonesian government, as of 2017, absolutely prohibited the use of cryptocurrencies to make payments, it is generally accepted that trading digital assets is legal in Indonesia. This is the case despite the fact that the Indonesian government has banned the use of cryptocurrencies to make payments.

Noordiatmoko said in the first days of January that the value of cryptocurrency transactions in the country halved in 2022, from 859.4 trillion Indonesian rupiah (55 million dollars) to 296.66 trillion (19 million dollars). of dollars). This information was provided in the first days of January.

Perry Warjiyo, the governor of Bank Indonesia, made the announcement in December that the conceptual design for a digital rupiah, a currency that would be equal to the country’s fiat currency, would be available for public discussion and release. He described the digital rupee as “a currency that would be the equivalent of the country’s fiat currency”.