CoFTRA: Indonesia Has The Opportunity To Become A Global Blockchain Development Leader

Photo: Doc. Antara

JAKARTA - Head of the Market Development and Development Bureau, Commodity Futures Trading Supervisory Agency (CoFTRA), Tirta Karma Senjaya assessed that Indonesia has a solid foundation to develop a digital asset ecosystem, and opens up opportunities to become a leader in the development of global blockchain technology.

Thus, he said that CoFTRA will continue to open up to the development of blockchain technology, because its potential is not limited to trading crypto assets, but can also be utilized in various sectors such as health, logistics, and telecommunications.

"Blockchain will encourage increased transparency and efficiency of a process. The development of blockchain technology can be a major pillar in encouraging the economic growth of Indonesia's digital assets," Tirta said in an event entitled Stronger Indonesia Through Blockchain & Digital Asset, quoted from Antara, Thursday 31 August.

On this occasion, Tirta emphasized the importance of strict supervision for crypto assets, one of which is building a monitoring ecosystem through the Crypto Exchange in the country.

"We complete the process of guaranteeing customer funds with future clearing, crypto assets are also maintained by the existence of a depository that is really under the supervision of CoFTRA," said Tirta.

CoFTRA noted that the transaction value of Indonesian crypto assets reached IDR 75.81 trillion, with 17.67 million registered subscribers as of July 2023, which indicates the potential for blockchain development as crypto asset infrastructure.

On the same occasion, Founder and CEO of Ajaib Group Anderson Sumarli supports the government's collaboration with relevant stakeholders to realize the potential for blockchain development in Indonesia.

"The communication between the government that is open to blockchain, has proven that Indonesia is the first country to own a Crypto Exchange in the world, and the average young Indonesian who understands crypto assets and blockchain is more than other countries," Anderson said.

Meanwhile, Crypto Asset Observer and Learning Crypto.id Founder Angga Andinanta welcomed the optimism of the regulator and business actors.

According to him, blockchain is a new technology, so, there must be communication between ministries to have a strong national strategy as an effort to take big advantage of Blockchain.

"Especially because Indonesia already has good capital, from regulations, friendly taxation, and the largest population of young people in the world to develop blockchain," said Angga.