Finance, a family affair – Binance is reportedly planning another adventure in Indonesia. The stock market is said to be in talks with two companies that have an important place in the financial and digital landscape of the country.
Expansion rumors: Binance in talks with two Indonesian giants
According to a Bloomberg Nov 10, 2021 article, Binance would discuss with Indonesian bank PT Bank Central Asia, and telecom company PT Telkom Indonesia. This information should however be taken with a grain of salt, even if the media quotes people who are aware of these talks.
PT Bank Central Asia which is Indonesia’s third largest bank in terms of total assets according to Statista data, belongs to the Hartono family which is the richest in the country. PT Telkom Indonesia has the Indonesian government as majority shareholder.
Binance is already present in Indonesia via the local exchange Tokocrypto in which it has acquired a majority stake. What would these exchanges be about if they really take place now? One of Bloomberg’s sources indicated that the bank could partner with Binance through one of its entities, but that the terms of a possible agreement may still change.
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Indonesia and cryptocurrency regulation: between stick and tolerance
How do you explain Binance’s supposed infatuation with Indonesia? The country is not a cryptocurrency paradise, rather it takes a double stance on them. It prohibits on the one hand payments in cryptocurrencies, while on the other hand authorizes their trading.
The deputy governor of the Central Bank of Indonesia, Juda Agung, recently announced that his institution was considering launching a digital rupiah that would “fight” against bitcoin and cryptocurrencies in general.
Crypto companies are certainly used to playing tightrope in the face of ambiguity in crypto regulations. This alleged strengthening of Binance’s presence in Indonesia, however, raises a number of questions about how the exchange reads the future of cryptocurrencies in the country.
Binance is used to regulatory battles, so expanding its business in Indonesia remains a plausible scenario. The few regulatory hurdles are unlikely to make a Binance ready to fight the battle of Britain back down from pressure on British regulators.
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