Bitcoin Indonesia Beta Testing Full Open Exchange

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Bitcoin Indonesia Beta Testing Full Open Exchange
Bitcoin Indonesia Beta Testing Full Open Exchange

Bitcoin Indonesia Beta Testing Full Open Exchange

Bitcoin supporters in Indonesia are relieved as Bitcoin Indonesia is beta testing a full open exchange, trading around 30 BTC per day. Bitcoin economy in the country has gained strength recently as a lot of Bitcoin buying and selling services have commenced lately. Interestingly, the government of Indonesia still does not consider Bitcoin a currency.

However, this policy on the part of the Indonesian government does not seem to have any impact on the Bitcoin companies as the scope and operation is expanding like never before. The latest decision from Bitcoin Indonesia according to Bitcoin supporters is an improvement on the 5 BTC per day the exchange reported at its launch back in December 2013.

In his statement, CEO and active local digital currency advocate Oscar Darmawan opined that his company aims to become a full-fledged open exchange; however, for that he says that volumes would need to improve first. Indonesia is competing with the other regional countries like Hong Kong and Singapore which have their own Bitcoin ATMs.

The interest in Bitcoin is reaching to new levels after it touched its peak in the last couple of months the last year where it traded above $1200. Now, it seems that as interest in Bitcoin and digital currency grows rapidly throughout Indonesia’s and Southeast Asia’s young and upwardly mobile population, new Bitcoin companies and exchanges will start their operations.

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Bitcoin Indonesia Confident for Expanding and Reaching to New Markets

Currently, the entire focus of Bitcoin Indonesia is to do beta test for local traders and once confident the system works well, start a full-fledged exchange. In his statement to press Mr. Darmawan said that his company is launching its system and it is confident that the daily volume at least will reach 200 BTC daily in this semester.

According to the company sources so far, about 1,500 members already listed in the company’s database and everything running better than expected. Earlier, Mr. Darmawan met with local regulatory authorities to discuss Bitcoin. He has been a long term advocate of the digital currency and often appears on network TV in Jakarta.

Though Mr. Darmawan says that he intends to launch more services in the coming year, it will be seen what the Indonesia’s central bank, Bank Indonesia, thinks about his business as it had in the last month issued a new statement defining its stance on Bitcoin. In its statement the bank had then said that the virtual currency Bitcoin and others do not constitute currency or legal tender in Indonesia.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com