"Every country has to quickly seize the opportunity if they don't want to cry at the edge of the bed."
Without delay, the Indonesian state intends to establish a cryptocurrency exchange before the regulatory power of digital assets passes into the hands of the Financial Services Authority (FSA) led by the commodity agency.
Until now, Indonesia's digital assets are reported to be under the care of the Commodity Futures Trading Regulatory Agency or better known as Bappebti.
However, in the next two years, the FSA will assume that responsibility as part of the financial sector reform that is growing, commented Didid Noordiatmoko, head of Bappebti.
It was also informed that Indonesia is increasingly supporting crypto despite fierce competition with the rupiah which is legal tender in the country.
If you notice, the central bank has issued a white paper to issue their own digital currency while the latest law passed recognizes crypto as safe finance.
Despite the significant drop in prices, Indonesian investors are seen flocking to the crypto market, where the first 11 months of 2022 recorded as many as 16 million investors compared to the end of 2021 at 11.2 million.
In the meantime, its trading value slipped around 300 trillion rupiah worth $19.2 billion, but there are 383 crypto assets and 10 local tokens that can be traded in Indonesia.
