Lately, Indonesia has been following in the footsteps of its close neighbor and business partner, Singapore, in exploring the use of blockchain technology and cryptocurrencies. And, there’s a good reason too. After all, according to the World Bank’s census report, Indonesia is ranked 14th across the globe for receipts of migrant remittances.
It is in this context that Indonesia’s Deputy Minister of Trade Jerry Sambuaga’s declaration made headlines, speaking at a webinar on crypto-assets, Sambuaga revealed the Ministry’s plans to establish a crypto-exchange to “accommodate crypto-assets.”
The present development can be seen as part of a global trend. State-owned crypto-exchanges in a bid to entice domestic merchants away from the non-public sector may just be the next step in states asserting control over the crypto-market.