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The Indonesian government is launching a digital currency exchange


In a webinar on digital currencies, Deputy Minister of Commerce Jerry Sambwaga announced that his country intends to set up a digital currency exchange with the aim of legislating in this area.

to the Quoted According to the World Bank, Indonesia is the 14th largest country in the world to send money to immigrants. About $ 10.5 billion a year is sent to Indonesia by overseas workers.

In this regard, the remarks of Jerry Sambuaga, Indonesia’s Deputy Minister of Commerce, reaffirmed the government’s strong interest in the digital currency ecosystem. Speaking at a webinar on cryptocurrencies, Sambwaga unveiled the ministry’s plan to set up a digital currency exchange to be compatible with cryptocurrencies.

The Indonesian Deputy Minister of Commerce said:

In the near future, perhaps in the coming months or even months, we will set up a digital currency exchange. This is especially necessary for regulating and enforcing transactions in encrypted goods.

According to Sambwaga, the plan will help the government benefit from the country’s growing digital currency sector. In fact, Indonesia’s Deputy Minister of Commerce has referred to the volume of digital currency transactions in the country in recent years. Digital currency transactions in the country amounted to 64 trillion Indonesian rupees (equivalent to 4.44 billion dollars). Since February (March 29), the volume of digital currency transactions in this country has reached 70 trillion rupees.

“Sambwaga has said in this regard:

This trading volume shows us the future direction. A future in which digital goods and assets can be considered as an alternative or even a key element in increasing the volume of our business.

Indonesia has legalized digital currency transactions for its residents since September 2018. There are one and a half million digital currency traders in the country in 2020, according to a report released by the Indonesia Blockchaink Association. This represents a significant increase of 2,263 percent since 2015 (94). More than 269 million Indonesians are still denied banking services.

Such measures can be considered part of a global trend. Establishing state-owned digital currency exchanges to persuade domestic recipients and distance itself from the non-governmental sector is probably the next step for governments seeking to control the digital currency market.

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