Unlike the rather Regulatory friendly neighboring countries of Indonesia, this Particular South East Asian Nation has a degree of challenges when it comes to Blockchain Regulation. The Central Bank of Indonesia warns its Citizens about the risks associated with trading Cryptocurrencies and reiterates that it is not legitimate within Indonesia from a press release on Jan 13th. The issues stem from the concerns over Money Laundering and Terrorist Financing. This is seen with the voluntary closure of two Cryptocurrency Exchanges in Indonesia “TokoBitcoin” and “BitBayar”. The Central Bank has their own Anti-Cryptocurrency Campaign claiming that:
''Virtual currencies are vulnerable to bubble risks and susceptible to be used for money laundering and terrorism financing, therefore can potentially impact financial system stability and cause financial harm to society.''
Bank of Indonesia has attempted to cracks down on Bali bitcoin business in the past
Though amidst the Republic’s Central Bank of Indonesia’s distaste and opposition towards Cryptocurrencies, there is No Official Ban on Bitcoin and Cryptocurrencies in the Country. All of the statements and opinions presented by the Central Bank are advice on the risks associated with buying, selling, and trading with digital assets such as Cryptocurrencies. In our current Era, it is indeed the Wild, Wild West of Crypto. And the recent statement does indeed shed a harsher tone. But its all to warn the general public on its risks.
Ultimately there are numerous Exchanges and Peer-to-Peer Marketplaces that have decided to set up shop on Indonesian Soil. Even one of South Korea’s Top Three Cryptocurrency Exchanges (Coinone) had launched their Exchange in Indonesia.
It’s clear that Bank Indonesia is exceptionally concerned, if not, dismissive towards Cryptocurrencies. Regardless, it is NOT Banned, further, it would be unconstructive to not allow some level of regulation to allow Cryptocurrencies and Blockchain Technology to grow from its Nascent position.
Hence why there are a number of Startups, Marketplaces, and Exchanges that have decided to sprout in the Tropical Nation, with International Interest from foreign firms with Expansion Plans. In this Comprehensive List we will be sharing and reviewing several Cryptocurrency Exchanges and Peer-to-Peer Marketplaces which have gained popularity and growth in Indonesia.
Crypto Exchanges
INDODAX
INDODAX – Indonesia Digital Asset Exchange, formerly known as Bitcoin.co.id is the largest Cryptocurrency Exchanges in Indonesia currently. Founded by the CEO Oscar Darmawan, this Crypto Exchange is headquartered in Bali, Indonesia. It is so large that it is on the verge of overtaking the Indonesian Stock Exchange in terms of users according to Indonesia Central Securities Depository.
It will have approximately 1.5 Million users by the end of 2018, with more than 1 Million Members as of 2018 itself. They indeed have a very stable platform which accepts Fiat-to-Crypto (Indonesian Rupiah) and Crypto-to-Crypto transactions for engaging in their exchange. Their fee structure only charges a 0.3% for market takers and 0% for market Makers to incentivize liquidity. This Cryptocurrency Exchange houses numerous Cryptocurrencies such as Bitcoin, Ethereum, Ripple, Dogecoin, Litecoin, Bitshares, DASH, NXT and XEM with 0% trading fee.
With exceptional Customer Support and Overall Service, it’s no wonder that it’s grown to be the largest Cryptocurrency Exchange in Indonesia.
Go to Indodax.com
TokoCrypto
TokoCrypto is considered to be one of the newer Exchanges in Indonesia which had launched in June 2017.
They Strive to be a Top-Tier Crypto-Exchange by providing a platform that is Simple, Instant, and Secure.
With a Customer-Oriented approach, there is significant room for growth for this Exchange as they currently only have Bitcoin and Ethereum listed to be traded for using the Indonesian Rupiah.
Having Officially launched on the 8th of April 2018, soon enough they will house additional Cryptocurrencies to trade, such as Ripple, Litecoin, Neo, Cardano, Swipe, and more.
Go to TokoCrypto
Luno
The Infamous Luno, formerly known as BitX, is one of the oldest and well-established Cryptocurrency Exchanges out there. Based in the UK and established in 2013, this Company has become an early mover in the Cryptocurrency Exchange Field as 2013 was still early in the years for Crypto. With a reputation for having a Secure, Reliable, and Safe Exchange, they’ve expanded from their traditional BTC/Fiat pair to add Ethereum services too. Now thanks to several series of fundings, they’ve expanded their services to other Markets such as Nigeria, Singapore, South Africa, Malaysia and Indonesia.
As a result from the increasing demand for Cryptocurrencies in South East Asia, Luno has had quite an impact in the Asian Markets in providing citizens access to the Cryptocurrencies. Citizens of Indonesia will benefit from the considerably affordable rates due to increased competition and having been in the game for several years. They accept Bank Transfers, International Wire, Credit Card and BTC + ETH deposits and a simple user interface to engage with.
Go to Luno.com/id
CoinOne
Their CEO Cha Myunghun is very positive on the growth potential since its inception in 2014. As soon as the Exchange launches in Indonesia, it will offer services for Bitcoin, Bitcoin Cash, Litecoin, and QTUM. Soon enough they intend on adding Ethereum, Ethereum Classic, and more Altcoins to their Exchange.
Keep your eyes peeled for updates on the launch of this exchange right here!
Go to Coinone.co.id
Keep up to date with Indonesian Bitcoin Exchanges, by visiting ''Buy Bitcoin in Indonesia'' page, we will monitor each of the services listed to ensure that our readers use reliable and trusted Exchanges to trade Cryptocurrencies