Indonesia plans to launch its own crypto exchange

Indonesia plans to create a national cryptocurrency exchange amid a broader reform of the financial sector.

Cryptocurrency assets are controlled by the Indonesian Commodity Futures Trading Regulatory Agency Bappebti. Over the next two years, the Financial Services Authority will take over the oversight of the cryptocurrency, Bappebti’s acting head, Didid Noordiatmoko, said on Wednesday.

A national cryptocurrency exchange should be in place by the time the agencies hand over regulatory authority over crypto, Noordiatmoko added, according to Bloomberg.

Indonesia is taking broader steps to take a stand on crypto. In November, the central bank released a report on central bank digital currencies and began planning to launch one in 2021.

Cryptocurrencies are currently banned as a payment method in the country, but trading in them is allowed.

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