Binance, the largest cryptocurrency exchange by trading volumes, has announced it is in talks with Indonesia’s PT Bank Central Asia and PT Telkom. The two institutions will talk about setting up a cryptocurrency trading platform.
If Binance launches an exchange in Indonesia, it would stimulate the growth of the Indonesian cryptocurrency economy and boost the level of crypto adoption in the country.
Binance seeking to expand to Indonesia
Binance is yet to give an official statement on the matter. However, a spokesperson of the exchange has stated that “What is important to note is that we are supportive of the sustainable growth of the blockchain industry globally, and we are constantly looking at business opportunities in every country.”
A report from Bloomberg stated that the exchange was in talks with Bank Central Asia and Telkom Indonesia. If the three institutions work together, it would greatly impact the digital asset economy in Indonesia.
Currently, Indonesia has an unbanked population of around 273 million, with these people having limited to no access to finance. With a booming crypto economy, the institutions can tap into a large number of the unbanked by making crypto payments more accessible.
Binance already has a presence in Indonesia. The exchange has a stake in Tokocrypto, the leading crypto exchange in Indonesia. With the Binance partnership, Tokocrypto managed to upgrade to Tokocrypto V2.0.
Crypto climate in Indonesia
The crypto climate in Indonesia is one of the most-friendly ones globally. However, the central bank of Indonesia recently announced that it would be developing a CBDC to “fight the use of crypto.” A representative from the bank further noted that a CBDC would address the use of cryptocurrencies to make financial transactions.
Crypto regulations have been a heated topic globally, and Indonesia has not been left behind. However, unlike in China, cryptocurrencies are not banned in Indonesia, and the country continues to record high crypto transaction volumes.
The current situation with creating a CBDC in Indonesia is similar to what is happening globally. However, this announcement has not stifled the sector’s rapid expansion, and crypto firms are looking to establish a base in the country.
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