Re: Indonesia National Exchange Open in the end of July 2023, Is bullish Start?

Quote from: Ale88 on Today at 06:37:49 AM

Quote from: blue Snow on July 19, 2023, 04:49:59 AM

Bappebti is a legal tender that supervises the crypto market Indonesia said, the National Crypto Exchange opened in the end of July 2023.

https://en.tempo.co/read/1748024/indonesia-to-launch-crypto-exchange-this-month

Quote

TEMPO.CO, Jakarta - The Futures and Commodity Trading Regulatory Agency (Bappebti) will inaugurate the Indonesian crypto exchange which is scheduled for July 2023. Bappebti head Didid Noordiatmoko said that once the exchange is launched, all crypto transactions can only be done through the exchange.

"Yesterday we agreed on the stock exchange rules. So the know your customer (KYC) process and all kinds have been regulated there," he said when met at his office, Central Jakarta, on Wednesday, July 12.

The trading, he said, will be done through each integrated application. CoFTRA has also conducted an integration test. For the crypto coins to be sold, Didid said, Bappebti wants them to be local but still abreast of international market developments, including the question of prices, provided they are approved by Bappebti.

As you know, this is the 1st crypto exchange managed by the Indonesian government. so there's a big chance affect to bitcoin price.

Bitcoin is a digital asset which legal trade in Indonesia, so this possibility Bitcoin and another crypto getting stronger than other assets like gold and stock.

what are your thought? Is bullish Start?

With all due respect, I don't think Indonesia has any kind of importance in the crypto world. It's a country with, potentially, many many users because of the big population but whether bitcoin is legal or not it's not going to make a difference for the market, the important markets are others.
Of course it's nice to hear that bitcoin is legal and that the government is not against it.

Well, I believe that it could bring a significant impact to the bitcoin market, maybe not right now, but as adoption progresses, it is the same as with the other countries that see potential in this currency and begin to integrate it, as time goes on it will bring more demand and along with it upward and more stable movements.

There is an article that I was reading that is related to the importance that it would bring to the cryptographic industry that more countries give way to the regulation of bitcoin, in this it is analyzed all the benefits that said adoption will bring.

Source: https://www.financemagnates.com/cryptocurrency/regulation/the-potential-impact-of-regulatory-changes-on-the-crypto-market/

Here you might have a different approach than when it comes to regulations in general. Of course I want to note that they are only opinions, since in order for there to be clear evidence and statistics of the impact that these decisions are bringing, you have to wait at least a year to be able to make comparisons.