Recently, it appeared that Indonesia is following in the footsteps of its close neighbor and trading partner, Singapore, in exploring the uses of blockchain technology and cryptocurrencies.

There is a good reason for that, according to to report Previously prepared by the World Bank, Indonesia ranks 14th worldwide in terms of remittances for its migrants, with an estimated $10.5 billion sent to Indonesia from those working abroad.

In this context, the announcement by Indonesia’s Deputy Minister of Commerce, Jerry Sambuaga, made headlines, highlighting the great interest that governments such as Indonesia give to the cryptocurrency ecosystem.

Speaking at a webinar on cryptocurrencies, Samboaga revealed the ministry’s plans to establish a cryptocurrency trading platform to accommodate cryptocurrencies, as he stated in his statements as follows:

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In the near future, maybe in the coming months, or maybe even next month there will be a platform that specifically regulates and accommodates the trades of these crypto-commodities.

According to the minister, the announced initiative will help the government to benefit from a large part of the booming crypto sector in the country.

The Deputy Minister of Commerce also cited previous years’ trading volumes of 64 trillion Indonesian rupiah or $4.44 billion to prove his claim.

The volume of cryptocurrency trading in Indonesia has grown to 70 trillion Indonesian rupiah by last February.

Samboaga also touched on the growing value of the cryptocurrency market in Indonesia, saying:

The numbers illustrate the future direction in which digital assets and digital goods can serve as an alternative.

Or this may be the mainstay to increase our trade.

Indonesia has officially regulated the cryptocurrency market since September 2018.

According to the report posted by Indonesian Blockchain Association In 2020, there were more than 1.5 million cryptocurrency merchants in the country, a figure representing a strong growth of 2263% since 2015.

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It should also be noted that Indonesia’s 269 million citizens do not have bank accounts.

The current development in Indonesia can be seen as part of a global trend.

A state-owned cryptocurrency trading platform is the latest trend in the crypto world through which governments are trying to lure local traders away from the private sector to dominate the rapidly growing cryptocurrency market.

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