Can Coinone Legally Gain A Foothold In Indonesia?

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It may just be a coincidence, but more of our predictions are coming true: Coinone, one of the more promising exchanges around, is soon to open in Indonesia.

Coinone is one of the biggest exchanges in South Korea, and, in their expansion, they are similar to Edencoin, who has an office in Korea but also legal addresses in Singapore and the British Virgin Islands in order to reduce the impact of possible government regulations.

What does this mean for the community?

We have been telling you pretty much non-stop that the world is soon to see a beautiful blockchain-enabled infrastructure with vastly expanded opportunities, and here’s more proof: crypto is slowly but surely making its way into more habituated areas, this time acquiring the mesmerizing Indonesian seas.

Coinone will be showcasing their brilliant new exchange in June.

They have stated for the record:

“Coinone has made great strides to expand international market based on our operational know-how and technological competitiveness. 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.”

Up until now Coinone’s area of operations was dedicated to South Korea. They trade using the Korean won (and that will officially be the only time you will hear the words “the Korean won” together in a sentence, no, we’re just kidding). They have a similar philosophy to Amir Taaki, who, if you are keeping track of our publications, has stated passionately from the beginning that the ultimate idea behind the Bitcoin was to empower the people and give the people a voice.

Who are they?

Coinone is a progressive and versatile platform that was one of the first in its niche to use multisig (two-factor auth) wallets and cold wallets and get actively affiliated with American companies.

Since 2014 when it has entered the world of crypto trading it has been slowly but steadily picking up the pace of expansion and now it is looking like it ’s quite capable of measuring up to some of the best names in the business, like Bithumb. It is one of the safest exchanges around, which is more than can be said for many others (to date it hasn’t been hacked, although things change very quickly, let us check…oh, wait…no, it hasn’t been hacked yet).

The only downside of this exchange so far was the fact that a few features were designed for the Koreans, which placed a few restrictions on the traders from other countries, and a somewhat limited range of currencies it offered.

That, however, is soon to change. We are soon to see the beginning of the inevitable world domination process as blockchain gets implemented into every aspect of the business (and we mean every aspect) – and you are seeing it happening right before your eyes.

Jakarta-based Coinone Indonesia will be a new and improved version with hopefully no cons and much more pros. One of the pleasant surprises will be that this time there is a much wider array of cryptocurrencies: ethereum, litecoin, and quantum to add to the traditional ones. Outsiders will be fully capable of using the exchange when it launches officially. The exchange will keep the strict safety protocols which have made it prominent, to begin with, however, by subjecting all new members to rigorous safety checks.

And the consequences?

What we are seeing now could be the beginning of Indonesia’s participation in the modern blockchain scene, which will be both new and exciting for the country that has stayed relatively demure when it came to crypto-related matters so far.

Indonesia, although it not quite embracing Bitcoin with open arms, is showing a lot of growth in terms of economics and IT-related services. In case you’re wondering what we mean (and this may have been the first question on your mind) was that the local authorities are vehemently against crypto, so we are seeing turbulence in the months to come. The Central Bank of Indonesia has stated on the matter:

“Bank Indonesia affirms that it forbids all payment system operator (principal, switching operator, clearing operator, final settlement operator, issuer, acquirer, payment gateway operator, electronic wallet operator, money transfer operator) and financial technology operators in Indonesia, both bank and non-bank institution, to process transactions using virtual currency, as stated in Bank Indonesia Regulation No. 18/40/PBI/2016 on Implementation of Payment Transaction Processing and Bank Indonesia Regulation No. 19/12/PBI/2017 on Implementation of Financial Technology.”

While we are aware of the fact regulations may make the process of integration of blockchain into Indonesia quite difficult, we are certain in time things will change the way they did in the US.

There may be complaints in America about the necessity to file cryptocurrency income when you do your taxes, but since one of the most influential countries in the world has come up with a plan to regulated crypto, we hope that in time the rest of the world will do too.

After all, crypto and blockchain are capable of empowering and liberating the humankind in an absolutely unprecedented way – in addition to being wildly interesting – so we would certainly like to see more news like these in the days to come – and we guarantee you will as soon as we do.

Image by CryptoConsulting.