According to Bloomberg’s report, the world’s largest crypto exchange Binance has started negotiations with Indonesia’s richest family, the Hartonolar, and the state-owned Telecom operator to establish a crypto money platform in Indonesia.
Sources sharing information on the subject stated that they are in talks to establish a partnership with “PT Bank Central Asia (BCA)” and “PT Telekom Indonesia” under the control of billionaire brothers Budi and Michael Hartono.
While the partnership news continues to be talked about, there has been no statement from Binance yet. However, Binance is said to already have an investment in Tokocrypto, one of the country’s largest exchanges, which is scheduled to go public in 2022.
Indonesia’s Approach to Cryptocurrency!
In Indonesia, the country with the largest Muslim majority, the national religious council recently declared that cryptocurrency is haram and prohibited for use by Muslims.
Although the council says that the use of cryptocurrencies is prohibited, the ban is not binding for the so-called secular government. Because there are many crypto money investors in Indonesia, where cryptocurrencies are also supported by the government.
Financial institutions that want to take advantage of Indonesia’s crypto-friendly environment are also looking for ways to enter the cryptocurrency market. In this context, the agreement in question will give Binance a wider place in the rapidly developing Indonesian economy, as well as give the country’s most powerful business people the opportunity to enter the crypto money market.
*Not investment advice.