• Binance Holdings Ltd. is reportedly in talks with Indonesia’s richest family, and a state-owned telecom operator to establish a cryptocurrency exchange in what is the world’s fourth most-populous nation.
• Such a partnership will give Binance a foothold into a developing nation as well as help rehabilitate its image after a couple of troubling months.

Binance is currently in talks with the richest family in Indonesia who control PT Bank Central Asia, as well as PT Telkom Indonesia, in what could be a possible partnership to set up a cryptocurrency trading exchange in the country. First reported by Bloomberg, the ongoing talks were revealed by people who are close to the matter.

Such a partnership would play in favour of all parties as it would spur wider adoption of cryptocurrencies in Indonesia. As a developing country, the nation which happens to be the world’s fourth most populous, has one of the most unbanked adult populations. If given access to cryptocurrencies, this population will have access to financial tools.

Related: Binance US to raise “a couple hundred million dollars” in pre-IPO funding

Already a leading exchange, Binance will further broaden its reach. For PT Bank Central Asia and PT Telkom Indonesia, this will give them indirect exposure in the cryptocurrency industry as institutions dabble in the space. With the initiative driven by the nations richest family, the venture looks all but certain. Moreover, Ahmad Reza, PT Telkom Indonesia’s vice president of corporate communications and investor relations recently confirmed that the firm is seeking new opportunities in blockchain and cryptocurrencies and is looking for top players in the space.

Asked about the matter, a Binance spokesperson neither confirmed nor denied the report, stating;

We are supportive of the sustainable growth of the blockchain industry globally and we are constantly looking at business opportunities in every country,

Although cryptocurrencies are not a form of currency in Indonesia, the government has taken a pro-crypto approach allowing them to be traded alongside commodity futures as an investment option. As such, Binance is already invested in Tokocrypto, a leading Indonesia’s cryptocurrency trading exchange.

Binance CEO says CBDCs will compliment crypto

The rumours emerge as Binance CEO Changpeng Zhao speaks on a growing threat on cryptocurrencies from central bank digital currencies (CBDCs). In a recent interview, the CEO assured that CBDCs will only complement cryptocurrencies. Zhao stated;

Even though central bank digital currencies may come out, fundamentally they are very different from native cryptocurrencies. I don’t think they will replace Bitcoin,

The CEO believes that their launch hugely validates blockchain technology, it further helps educate the masses on cryptocurrencies. Zhao further spoke on the growing institutional adoption of cryptocurrencies globally, on this, he stated;

I think there is probably a five-X jump in the number of institutions from this year versus the last one, from now versus the beginning of this year. This year, we’ve seen tremendous growth,

Evidence of this growth has been seen in the market prices with a majority of top coins marking all times highs this year. Bitcoin, the largest cryptocurrency by market cap reached an all-time high of $68,000 after more than doubling from last year’s high.

Related: Elon Musk vs CZ: Binance’s Dogecoin glitch sparks Twitter war