Binance develops Crypto Exchange in Indonesia - Exchanges

Binance founded a joint venture with a consortium under the leadership of the $ 830 million-risk capital arm from Telkom Indonesia. Binance aims to "expand the blockchain ecosystem in Indonesia by developing a new Indonesian stock exchange for digital assets".

Binance Building Cryptocurrency Exchange in Indonesia

The blockchain and cryptocurrency infrastructure provider Binance announced on Wednesday that he founded a joint venture with a consortium under the leadership of MDI Ventures (MDI), the $ 830-billion risk capital arm of Telekom Indonesia. Telekom Indonesia is the largest telecommunications company in the country.

The aim of the joint venture is to "expand the blockchain ecosystem in Indonesia by developing a new Indonesian stock exchange for digital assets," says the announcement details:

Binance will provide a first-class asset management infrastructure and technology to support the development of the new stock market platform.

"Our goal at Binance is to expand the blockchain and cryptocurrency ecosystem worldwide, and this initiative in Indonesia is an important step in this direction," commented Binance CEO Changpeng Zhao (CZ).

zhao last week: "We take a number of very essential changes in the Organizational structures, product offers, our internal processes and the way we work with the supervisory authorities. " In particular, he stated that his company "in most places, including Great Britain, is to set up real offices, legal entities, a ordinary board and adequate governance structures".

this week, Binance announced that it closes its crypto exchange in Singapore. "Last week Binance made a considerable investment in the regulated Stock Exchange HGX. This investment made our own application a little superfluous. We will continue to work with our partners to expand the crypto industry in Singapore," said Zhao.

The Indonesian government has previously announced that it will not impose a complete ban on cryptocurrency, as China did. Crypto-assets may be traded in Indonesia alongside raw material futures, but cannot be used as a currency. The government also urges a digital central bank currency (CBDC).

What do you think that Binance helps build a cryptocurrency exchange in Indonesia? Let us know in the comment area below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

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