Tron (TRX), an emerging cryptocurrency giant, is moving into Indonesia.
#TRON $TRX #TRX will be available to trade with $Rupiah at @IndodaxOfficial, deposit starts from June 4th 2018 at 8:00 WIB, trading starts from June 5th 2018 at 15:00 WIB.? pic.twitter.com/YXdHZsB8mo
— Justin Sun (@justinsuntron) June 3, 2018
Tron is a "global broadcast platform" which was launched on the Ethereum Blockchain in April 2017. It currently has a market capitalisation of over $4 billion according to coinmarketcap.com.
It will be listed on Indodax, which is the largest cryptocurrency exchange in Indonesia. The TRX/rupiah pair will be available for trading from the 4th of June.
The exchange said (translated): "Tron was chosen because this token is in the top 50 of CoinMarketCap (ranked 10th when this article was written), so it doesn’t need to go through a community coin voting process. This is consistent with our mission to always add quality digital assets at Indodax.com."
Indodax was created in 2013 under the name Bitcoin Indonesia and changed its name in March 2018. It processes almost $20 million worth of cryptocurrency trading a day, and some predict that it will surpass the country's main stock exchange in terms of user numbers by the end of 2018. This is based on the Indonesia Stock Exchange having 1.18 million registered users vs. Indodax's 1.14 million + 3,000 joining daily (as of mid-March, according to CEO Oscar Darmawan speaking to Bloomberg).
Tron was created by Justin Sun, a US-educated Chinese national. Sun was the chief representative of Ripple in China for more than two years and also created PEIWO, a live streaming app popular in China. Despite using Ethereum to launch his project, Sun has been critical of the blockchain which has led to a public and sometimes amusing rift between himself and Ethereum creator Vitalik Buterin.
Last week, Tron migrated to its own blockchain for the first time. It is currently available for public testing and is due to go live on the 25th of June.
The Republic of Indonesia is the most populous Muslim-majority country in the world, with a population of over 261 million. In December 2017 Agus Martowardojo, Governor of Bank Indonesia, announced that all cryptocurrency use was to be banned, with payment providers prohibited from cooperating in any way with “parties that facilitate digital currency transactions.”
The decision was made to protect the rupiah by stamping out all financial operations that exist outside the legal reach of the government. “Level playing fields with formal financial institutions need to be maintained, we require all financial technology activists who move in the payment system to register with Bank Indonesia, report on activities, and conduct trials in the regulatory sandbox,” he said.
However the legislation only covers cryptocurrency being used as a payment tool - activities such as trading and mining are not covered, according to the Nikkei Asian Review.
