Jakarta. The Ombudsman summons officials of the Commodity Futures Trading Regulatory Agency, or Bappebti, for an inquiry on Wednesday to seek explanations for the long delay in the establishment of the digital assets exchange that raised allegations of maladministration.

Ombudsman Yeka Hendra Fatika said on Tuesday his office will question Bappebti about the procedures for issuing licenses for the so-called crypto bourse. 

"As long as all procedures have been followed, they have no reason to delay or ignore [the launch of the crypto bourse],” Yeka said at his office in Jakarta.

The Indonesian government originally wanted to introduce the crypto bourse in 2021 but was delayed due to the complexity of the procedures. 

The plan resurfaced last September when Deputy Trade Minister Jerry Sambuaga said that the government expected the country’s first crypto bourse to be launched before the end of 2022 but it again failed to materialize.

Digital Futures Exchange, a company that has applied for the operator of the would-be crypto bourse, filed a complaint to the Ombudsman alleging maladministration by Bappepti.

“We have checked all available documents and so far it seems to us that all necessary documents have been presented although we need to check again,” Yeka said.

If Bappepti representatives fail to show up, the Ombudsman is authorized by law to force them to honor the summons, Yeka said without providing details.

“We are given the mandate and authority to acquire information, take documents and examine them. If they don’t show up, the ombudsman can compel them to come but hopefully, that will never happen because it would be unpleasant for everyone,” Yeka said.

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In addition to Bappepti, the Ombudsman also summoned officials from Bank Indonesia, the Finance Ministry, and the Financial Service Authority (OJK) for hearings on Thursday and Friday.

If all officials concerned obey the summons and provide all needed explanations, it won’t take long for the Ombudsman to examine findings and draw a conclusion, Yeka said, adding that the whole process can be completed as soon as next month.

He said there is a “strong indication” of maladministration in the protracted plan to introduce the crypto bourse but the Ombudsman needs to establish evidence.

If maladministration is proven, the Ombudsman will consult with the president and issue a set of recommendations to be implemented by the accused within 30 days, he said.

Bappebti acting chairman Didid Noordiatmoko said last month the agency is “ready to launch the crypto bourse in 2023” following a two-day meeting.

“In accordance with Trade Minister Zulkifli Hasan’s directives, Bappebti is expected to immediately prepare the ecosystem for the physical trade of crypto assets in Indonesia. In other words, we are ready to launch the crypto bourse this year,” Didid said in a statement.

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