Indonesia could become the crypto capital of Asia

Towards the end of the second half of 2023, Indonesia will launch a major state-backed crypto exchange. This decision is consistent with the crypto ambitions displayed by the third most populous country in Asia. He would like to become the capital of cryptocurrency on the continent.

Zycrypto announcing on Twitter that Indonesia could become the crypto capital of Asia after the creation of a state-backed exchange.

Rising crypto ambitions

Since last year, the Indonesian government has announced an increasingly active participation in the cryptocurrency sector. We learned by Zycrypto that Zulkifli Hasan, Indonesian Trade Minister, confirmed his country’s intentions. The latter, however, specifies that the country does not intend to rush to achieve its objectives.

Up to 383 crypto exchanges are already licensed in the country. A good dozen of them are already in the good graces of the state. Indeed, they are already collaborating with the authorities of the country. Others should follow soon, talks are underway. The country’s crypto market is entrusted to the Indonesian Blockchain Association. This organization will be responsible for examining the offers and the players involved in the said offers.

Jerry Sambuaga, Deputy Minister of Trade said in an interview in September with Coindesk: “ Indonesia is looking forward to having a lot of products [au-delà de l’huile de palme et du charbon] to export. And we can seize this opportunity to make cryptocurrency one of the potential exports. »

How Indonesia Will Become Asia’s Crypto Capital

China has abandoned the crypto market, Japan and India don’t really want to hear about it. Therefore, Indonesia is very well on its way to being the continent’s leader. When its scholarship launches at the end of this year, we will know more.

In 2023, Indonesia was among the top 20 countries with growing cryptocurrency adoption. More than $16 billion in transactions have been recorded. Additionally, 5 million Indonesians currently hold cryptocurrencies.

In short, Asian markets are known to influence the price of financial assets around the world. Crypto enthusiasts will be delighted to hear that despite the harsh crypto winter, several countries continue to believe in crypto. Indonesia with its tens of millions of potential crypto-investors will probably be the trigger for the next bull run.

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