Indonesia will launch a cryptocurrency exchange this month. The exchange is regulated by the Futures and Commodities Trading Regulatory Authority (Bappebti), and all cryptocurrency transactions must be conducted through the exchange. Bappebti has established trading rules and requires that cryptocurrencies must be local, but still need to meet the requirements of international market development.

June 20 (Cointime) - Indonesia's CFTSA has published a list of 501 cryptocurrencies that are permitted for trading in the country's physical crypto market, including major players like Bitcoin and Ethereum. This move highlights a more mature regulatory approach compared to the US SEC, which has yet to release a comprehensive list of acceptable digital assets for trading. The CFTSA's decision could potentially challenge the US SEC and prompt other countries to follow suit. The list was released after a thorough evaluation process in compliance with domestic regulations.

June 19 (Cointime) - Indonesia has added XRP to its list of 501 tradable cryptocurrencies, indicating a positive move towards crypto adoption and potential use as a means of payment. The government's recently released regulatory document, titled "Supervisory Body Regulation Commodity Futures Trading Number 4 of 2023," includes an amendment to the existing Trade Controlling Agency Regulations Commodity Futures Number 11 of 2022.

June 19 (Cointime) - Indonesia has listed Solana and Cardano as tradable digital assets, offering hope to their holders despite recent scrutiny from the US Securities and Exchange Commission. This decision provides regulatory clarity that was previously lacking and presents a contrasting perspective to the US regulatory situation. The announcement could potentially impact the market dynamics of these cryptocurrencies and encourage increased trading activities.  

<a href="https://bappebti.go.id/pbk/sk_kep_kepala_bappebti/detail/12673">Indonesia's Ministry of Trade has approved 501 legal cryptocurrencies</a> for trading in the country, an increase from last year's 383. Among the newly added assets is ASIX+, a token owned by Indonesian musician Anang Hermansyah. The token was previously banned from trading by Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti), but after discussions with the agency and Blockchain Association of Indonesia, Hermansyah re-registered it for approval. Bappebti noted that there were 17.25 million cryptocurrency investors in Indonesia as of April this year, up 0.64% on March and a rise of 25.64% YoY.

The governor of Indonesia, Ridwan Kamil, has announced plans to launch a Bitcoin trading exchange in the country, citing the increasing interest of the younger generation in Bitcoin as a reserve asset. This move marks a significant step forward for Indonesia's cryptocurrency industry, which has traditionally been cautious about the use of cryptocurrencies. The country has recently softened its stance on cryptocurrency, with the Ministry of Trade issuing regulations for cryptocurrency exchanges and the Ministry of Finance planning to tax cryptocurrency transactions.

Indonesia is implementing a new national payment system to replace Visa and Mastercard in state-owned institutions and companies. The move is part of the country's efforts to de-dollarize and protect against potential geopolitical consequences. Bank Indonesia's Head of Strategic Management and Governance Department, Dicky Kartikoyono, expects the new payment system to become widespread soon. The decision to create its own payment system is timely, according to Kartikoyono, as Southeast Asian countries should establish a safety cushion to protect businesses and citizens from increasing financial uncertainty in the West.

During the 42nd ASEAN summit in Indonesia, the leaders committed to promoting the use of local currencies to strengthen financial stability in the region. They adopted the "Declaration on Advancing Regional Payment Connectivity and Promoting Local Currency Transaction" to enable more affordable cross-border payments. The trend towards de-dollarization is increasing, with emerging markets such as BRICS exploring the use of their currencies in trade and considering an alternative international reserve currency. However, the adoption of a new currency or cryptocurrency poses challenges, including conflicting regional bloc objectives and varying levels of crypto regulation. The formulation of global cryptocurrency frameworks is crucial in addressing these issues.

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Indonesia is following the BRICS countries' lead in de-dollarization and shifting away from the US dollar in trade settlements and financial transactions, according to Bank of Indonesia Governor Perry Warjiyo. The BRICS nations are working on creating a common currency to reduce their reliance on the US dollar. Warjiyo confirmed that Indonesia has implemented the local currency trade (LCT) system, which is more concrete than the BRICS de-dollarization approach and has already implemented the currency diversification method with several nations, including Thailand, Malaysia, China, and Japan. The Indonesian government also plans to sign an agreement with South Korea regarding local currency transactions in early May. (Bitcoin.com)