The Indonesian regulator for commodity futures has created the country’s official cryptocurrency exchange as part of efforts to regulate the fast-growing digital asset space. In addition, the regulator has set up a clearing house for digital assets.
The Commodity Futures Trading Regulatory Agency (CoFTRA) made the announcement yesterday (Thursday). In the statement, the regulator also noted that it has established an official platform for storing digital assets in the country.
The latest development is part of CoFTRA’s efforts to curate the rapidly growing digital asset space. According to the market watchdog, the country has 17 million registered crypto users out of a population of around 300 million. The cryptocurrency exchange and clearinghouse was initially planned to launch before the end of 2021 but has been pushed back several times, most recently in June.
Commenting on the launch of the new platforms in a statement translated from Indonesian, the Chairman of the Committee on Foreign Trade and International Cooperation, Dedede Nordiatmoko, said: “The establishment of the stock exchanges, clearing
clearing
Clearing is a general term that simply means many different things depending on the topic and the relevant industry. Most commonly, this refers to the mutual exchange between banks of checks and bills of exchange, and the settlement of spreads, or total claims settled in a clearinghouse. In finance and banking, the word clearing has different meanings depending on which business model is most specific. Transferring checks from the bank where they were deposited to the bank on which they were drawn. y
Clearing is a general term that simply means many different things depending on the topic and the relevant industry. Most commonly, this refers to the mutual exchange between banks of checks and bills of exchange, and the settlement of spreads, or total claims settled in a clearinghouse. In finance and banking, the word clearing has different meanings depending on which business model is most specific. Transferring checks from the bank where they were deposited to the bank on which they were drawn. y
Read this term The House and Crypto Asset Warehouse Managers is evidence that the Indonesian government is present in trying to create a fair crypto asset trading system that guarantees protection for the public.”
CoFTRA Crypto Regulations
In addition, CoFTRA plans to work with other financial institutions, including Bank Indonesia, the Financial Services Authority, and the Ministry of Finance, to mitigate the risks associated with digital asset trading. The regulator also plans to engage the public in identifying such risks.
“By its very nature, crypto assets can experience a sharp increase or decrease in value in a short time. For this reason, there is a need for a good understanding in society, including the potential benefits and risks of digital asset trading,” Nordiatmoko added.
In June alone, Indonesians transacted IDR 9 trillion (US$600 million) Digital currencies
Digital currencies
Using cryptography, virtual currencies, commonly known as cryptocurrencies, are virtually counterfeit-proof digital currencies built on blockchain technology. Blockchain technology consists of decentralized networks, and is not supervised by a central authority, so cryptocurrencies operate with a decentralized nature which in theory makes them immune to government interference. The term cryptocurrency is derived from the origin of the encryption technologies used to secure the network
Using cryptography, virtual currencies, commonly known as cryptocurrencies, are virtually counterfeit-proof digital currencies built on blockchain technology. Blockchain technology consists of decentralized networks, and is not supervised by a central authority, so cryptocurrencies operate with a decentralized nature which in theory makes them immune to government interference. The term cryptocurrency is derived from the origin of the encryption technologies used to secure the network
Read this termAnd the Federal Financial Supervisory Authority noted, an increase of 9% compared to the previous month’s transactions. In addition, the number of cryptocurrency users increased by more than 140 thousand users in this period. Popular cryptocurrencies traded in the archipelagic country include Tether, Bitcoin, ether, XRP, and Binance Coin.
The Indonesian regulator for commodity futures has created the country’s official cryptocurrency exchange as part of efforts to regulate the fast-growing digital asset space. In addition, the regulator has set up a clearing house for digital assets.
The Commodity Futures Trading Regulatory Agency (CoFTRA) made the announcement yesterday (Thursday). In the statement, the regulator also noted that it has established an official platform for storing digital assets in the country.
The latest development is part of CoFTRA’s efforts to curate the rapidly growing digital asset space. According to the market watchdog, the country has 17 million registered crypto users out of a population of around 300 million. The cryptocurrency exchange and clearinghouse was initially planned to launch before the end of 2021 but has been pushed back several times, most recently in June.
Commenting on the launch of the new platforms in a statement translated from Indonesian, the Chairman of the Committee on Foreign Trade and International Cooperation, Dedede Nordiatmoko, said: “The establishment of the stock exchanges, clearing
clearing
Clearing is a general term that simply means many different things depending on the topic and the relevant industry. Most commonly, this refers to the mutual exchange between banks of checks and bills of exchange, and the settlement of spreads, or total claims settled in a clearinghouse. In finance and banking, the word clearing has different meanings depending on which business model is most specific. Transferring checks from the bank where they were deposited to the bank on which they were drawn. y
Clearing is a general term that simply means many different things depending on the topic and the relevant industry. Most commonly, this refers to the mutual exchange between banks of checks and bills of exchange, and the settlement of spreads, or total claims settled in a clearinghouse. In finance and banking, the word clearing has different meanings depending on which business model is most specific. Transferring checks from the bank where they were deposited to the bank on which they were drawn. y
Read this term The House and Crypto Asset Warehouse Managers is evidence that the Indonesian government is present in trying to create a fair crypto asset trading system that guarantees protection for the public.”
CoFTRA Crypto Regulations
In addition, CoFTRA plans to work with other financial institutions, including Bank Indonesia, the Financial Services Authority, and the Ministry of Finance, to mitigate the risks associated with digital asset trading. The regulator also plans to engage the public in identifying such risks.
“By its very nature, crypto assets can experience a sharp increase or decrease in value in a short time. For this reason, there is a need for a good understanding in society, including the potential benefits and risks of digital asset trading,” Nordiatmoko added.
In June alone, Indonesians transacted IDR 9 trillion (US$600 million) Digital currencies
Digital currencies
Using cryptography, virtual currencies, commonly known as cryptocurrencies, are virtually counterfeit-proof digital currencies built on blockchain technology. Blockchain technology consists of decentralized networks, and is not supervised by a central authority, so cryptocurrencies operate with a decentralized nature which in theory makes them immune to government interference. The term cryptocurrency is derived from the origin of the encryption technologies used to secure the network
Using cryptography, virtual currencies, commonly known as cryptocurrencies, are virtually counterfeit-proof digital currencies built on blockchain technology. Blockchain technology consists of decentralized networks, and is not supervised by a central authority, so cryptocurrencies operate with a decentralized nature which in theory makes them immune to government interference. The term cryptocurrency is derived from the origin of the encryption technologies used to secure the network
Read this termAnd the Federal Financial Supervisory Authority noted, an increase of 9% compared to the previous month’s transactions. In addition, the number of cryptocurrency users increased by more than 140,000 in this period. Popular cryptocurrencies traded in the archipelagic country include Tether, Bitcoin, ether, XRP, and Binance Coin.