South Korean Crypto Exchange Coinone coming to Indonesia
Coinone, the third-largest cryptocurrency exchange in South Korea, has declared that it will be launching “Coinone Indonesia,” a new crypto exchange based in Jakarta. Coinone’s press release reads, “Indonesia is a nation with high economic growth rate and the world’s fourth-largest population. Indonesia is also highly regarded for its potential growth in the Fintech industry.Coinone will lead the Indonesian market by providing secure and convenient services through Coinone Exchange in Indonesia, which is highly optimized for its culture and regulations.”
Pre-registration began on April 16. Up to 10 million Rupiah (appx. 800,000 won) worth of cryptocurrency will be issued through a lottery of 10 thousand registered customers.Registration is processed by sending an email application, and non-face-to-face authentication process is required for non-native Indonesian (Korean included). According to Finance Magnates, the exchange will initially support six cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC) and Quantum (QTUM).
“Coinone Indonesia wants to be the gateway that introduces people to the concept of blockchain and cryptocurrency,” said Alan Song, Coinone Indonesia CEO. “[We want to facilitate] access for users in Indonesia to have various types of digital assets or cryptocurrencies quickly and safely.”
There has not been enough activity in Indonesian cryptocurrency space. A report from Korean news source The Investor reads that “Coinone expects many cryptocurrencies and blockchain-backed business opportunities in Indonesia, as the country’s economy is showing rapid growth with a population of 260 million. It has also shown rapid development in IT and financial technologies.” Bank Indonesia has taken a strong position against cryptocurrencies and it advised all entities to avoid from owning, selling or trading the tokens. The central bank statement reads, “Owning virtual currencies is very risky and inherently speculative.The digital tokens are prone to forming asset bubbles and tend to be used as a method for money laundering and terrorism funding, so it has the potential to affect financial-system stability and harm the public.”
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