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In focus
- Indonesia wants a national crypto exchange. What could go wrong?
- Why India’s deep tech talent hasn’t produced a global AI giant, yet
- Tokopedia reportedly slashes 420 jobs in two months
Hello reader,
Crypto chatter in Indonesia has always come in waves. Right now, we’re riding another crest, with bitcoin hitting a record high recently.
Even though the word “crypto” is now widely recognized in the country, many Indonesians remain hesitant to invest in it. Some of my friends, for instance, say it’s just too volatile, while others worry about fraud and scams.
Indonesia also stands out as the only country in the world with a Nasdaq-style national crypto exchange. Launched in 2023, CFX was set up with government backing to oversee crypto transactions across the country.
All exchanges must register with CFX to get a license to operate in Indonesia. The aim is straightforward: to guarantee transparency, accountability, and investor protection.
Still, CFX has sparked plenty of debate. Critics say a centralized model like this goes against the spirit of decentralization that crypto was built on.
For today’s Big Story, I spoke with global crypto experts, as well as Subani, president director of CFX, on whether a government-linked exchange is really necessary, and if Indonesia’s approach could inspire a global trend.
Today’s lineup also includes a must-read story from my colleague Samreen Ahmad, who spotlighted Indian AI startups that have gone global. Despite the country having the world’s second-largest pool of tech talent, it has yet to produce a truly dominant AI player.
Plenty of engineers, just no empire yet.
Jofie Yordan, journalist
The Big Story
1️⃣ Should the world replicate Indonesia’s national crypto bourse?
Subani, president director of CFX / Photo credit: CFX
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