Digital gold trading has experienced remarkable growth this year. From January to September, transactions in physical gold conducted digitally surged by 1,181%, with transaction value reaching IDR 41.3 trillion, compared to just IDR 3.22 trillion during the same period last year.
In addition to the spike in transaction value, the volume of digital gold transactions also saw an extraordinary increase of 945.4%, with a total weight of 35,178.48 kilograms (kg) compared to 3,365.8 kg in the same period last year.
Supportive Regulatory Facilitation
This rapid growth can be attributed to regulators' efforts to facilitate digital gold trading with clear and supportive regulations. Since 2019, Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti) has issued regulations governing the operation of digital gold physical markets on futures exchanges.
The regulation defines the Digital Gold Physical Market as an organized gold market utilizing electronic platforms facilitated by futures exchanges or digital gold dealers for buying and selling gold with ownership records maintained digitally.
ICDX Ensures Secure Transactions
The Indonesia Commodity & Derivatives Exchange (ICDX) plays a crucial role in the digital gold industry. Fajar Wibhiyadi, CEO of ICDX, emphasized the exchange's commitment to protecting transactions and ensuring user convenience.
"ICDX is fully integrated with the Indonesia Clearing House (ICH), providing ease and security for the public in conducting digital gold transactions," he said.
ICH Director, Dijah Pratiwi, highlighted the clearinghouse's function in guaranteeing transaction settlements through a Delivery versus Payment (DvP) mechanism. This ensures the matching of funds with gold ownership records in segregated accounts. ICH is also responsible for recording the transfer of funds and ownership, as well as debiting and crediting participants’ digital gold accounts.
.jpg)
.png)
.jpg)
.png)
