The Commodity Futures Trading Regulatory Agency (Bappebti) is gearing up to introduce a new commodity exchange in the near future.
The Head of Bappebti for the 2022-2023 term, Didid Noordiatmoko, has stated that the agency’s focus will be on strategic commodities. Currently, there is a futures exchange for Crude Palm Oil (CPO).
“In the future, Bappebti will turn its attention to other commodities, such as coffee, rubber, copra, and nickel. We are currently assessing the demand for these,” Didid said during a media gathering on Wednesday, November 1, 2023.
As a result, Didid anticipates that Bappebti will welcome a new commodity exchange in the coming year. However, Didid could not provide further details regarding the commodity exchange set to be launched in 2024, as all details are still under Bappebti’s evaluation.
“I hope that Bappebti will introduce a new commodity exchange next year,” he expressed.
It’s worth noting that the Ministry of Trade (Kemendag), in collaboration with Bappebti, launched the Crude Palm Oil (CPO) futures exchange on Friday, October 13, 2023, with the inaugural trading taking place on Friday, October 20, 2023. In the first trading session, 4 lots, equivalent to 100 tons of CPO, were transacted.
According to Didid, the results from the CPO exchange’s initial trading session were satisfactory in terms of debut transactions. He hopes that future transactions will further develop.
Previously, the Indonesian Crypto Asset Traders Association (Aspakrindo) expressed hope that the presence of Indonesian crypto exchanges could establish a reference for crypto asset prices in the country.
The Chairman of Aspakrindo and Chief Compliance Officer (CCO) of Reku, Robby Bun, explained that there are currently price disparities for crypto assets on various crypto exchanges. With the introduction of crypto exchanges, these price differences are expected to gradually create a pricing benchmark in the crypto exchange market.
“Our hope is that this price benchmark can be used for crypto derivative trading,” Robby stated during a Reku Media Clinic event on Tuesday, September 19, 2023.
Additionally, crypto exchanges are expected to provide increased protection for investors and prevent fraudulent transactions.
“With crypto exchanges, all transactions will be reported to the exchange. The reporting system has been in effect since September 1,” Robby explained.
Robby also mentioned that crypto exchanges would establish crypto villages to enhance public literacy about cryptocurrencies. This presents an opportunity to promote crypto adoption in Indonesia.
Therefore, Robby emphasized the need for multi-stakeholder collaboration between industry players, associations, and regulators to share proposals and find better solutions for ideal regulatory implementation and product innovation development.
“This is done to improve the cryptocurrency ecosystem in Indonesia, creating a healthy and mutually beneficial industry for all parties involved,” concluded Robby.
