Crypto Exchange Bappebti

History

2023: Exchange Launch

In mid-July 2023, the Indonesian Commodity Futures Trade Supervision Agency (CFTRA) announced the launch of the national cryptocurrency exchange Bappebti as part of the financial sector reform.

According to the head of the department Didid Noordiatmoko, after the commissioning of the new platform, all operations with cryptocurrency assets will be allowed to be carried out only on this exchange. This approach is expected to improve security in the relevant area and reduce the number of fraudulent activities. In addition, the state will receive more opportunities in terms of controlling the cryptocurrency market.

We agreed on the rules of the exchange, and also conducted tests of system integration between traders, exchanges, clearing and depository, "said Noordiatmoko, quoted by CoinTelegraph.

Trading on the exchange will be carried out through a specialized application, which has already been tested by CFTRA specialists. In addition, it says that the regulator sent a message about plans for the platform to the Indonesian Ministry of Commerce. If it does not receive any additional directives, the CFTRA will sign a permit that will give licensed traders one month to join the exchange.

Initially, the Ministry of Commerce of Indonesia planned to present a national cryptocurrency exchange in December 2022, but the implementation of the project was delayed due to various difficulties. Indonesian law prohibits the use of cryptocurrency as a payment tool, but trading in digital assets in the country is allowed. In 2021, the head of the Central Bank of Indonesia, Perry Warjiyo, announced the regulator's intention to issue its own national digital currency (CBDC).^[1]

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