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Regulations, financial inclusion and the future of cryptocurrencies in Indonesia
JAKARTA – The cryptocurrency industry in Indonesia is going through a transition with the transfer of cryptocurrency oversight from the Financial Services Authority (OJK), which was previously under the auspices of BAPPEBTI. If previously cryptocurrencies were considered a trading instrument, they now have the potential to be recognized as one of the financial institutions equivalent to banks.
In this context, blockchain technology offers significant advantages in terms of transparency and security. Every transaction using cryptocurrencies is permanently recorded in blockchain networks, facilitating a more effective audit and oversight process by regulators such as OJK. An added value is also the ease of accessibility to cryptocurrencies, where anyone can manage and store their assets with complete control without the need for corporate or banking intermediaries.
“Banks are the largest economic support with very high operational and security costs. Blockchain technology is very useful in reducing operational costs. NASDAQ, an American stock exchange, has used blockchain which has proven to be cheaper, more efficient and safe,” said Oscar Darmawan, CEO of INDODAX, in his statement on Saturday, June 29.
All technology that uses blockchain has a clear digital footprint, making cryptocurrencies difficult to use for money laundering and corruption.
“Crypto transactions are easy to trace because there are digital traces that cannot be erased, even if it happened a few years ago. This makes it easier for the Corruption Eradication Commission (KPK) and other law enforcement agencies to monitor and take action against violations,” Oscar added at the INDODAX Goes to Campus event at Prasetiya Mulya University.
On the other hand, Oscar also highlighted the potential of cryptocurrencies in ensuring broader financial inclusion.
“Everyone has the opportunity to be part of this digital financial ecosystem. In the cryptocurrency ecosystem, there is no geographical restriction or minimum balance to start investing. This allows access to financial services that were previously difficult for most people to access,” he explained.
According to Tirta Karma Senjaya, head of the PBK Ronabang Bureau of the Commodity Futures Trading Supervisory Agency (BAPPEBTI), in an effort to facilitate and regulate the growth of sustainable cryptocurrencies, BAPPEBTI will assign a whitelist to cryptocurrencies.
The goal of the whitelist is to protect traders, clients, and consumers from potential mutual losses. This is achieved by applying various conditions that must be met by cryptocurrencies, such as real-time clearing systems and custodian storage. Therefore, it is hoped that the cryptocurrency ecosystem can provide adequate protection for all stakeholders involved, as well as increase trust and stability in the digital market.
At the end of the event, Oscar suggested to continue learning about blockchain and also learn how to invest using the Dollar Cost Avarging (DCA) technique. DCA is a recommended investment strategy in cryptocurrency to minimize risks and optimize potential profits. With this strategy, investors can gradually invest certain sums of money over a fixed time frame, regardless of market fluctuations.
Awareness of the importance of education and the right investment strategy is the key to success in dealing with the dynamic world of cryptocurrencies. At the same time, blockchain technology offers not only investment opportunities, but also various conveniences in financial transactions, both local and international.
Andreas Tobing, a cryptocurrency influencer, added that the cryptocurrency industry abroad is huge and offers many opportunities and very broad opportunities.
“Anyone has access to this cryptocurrency without the need for a minimum balance like in a bank. Furthermore, transfers via blockchain technology are cheaper and faster, even for international transfers,” Andreas said.
Label:
economy
Cryptocurrency