OJK Urges Young Investors Not To FOMO If They Want Crypto Investment
JAKARTA - Head of the Directorate of Digital Financial Assets and Crypto Assets of the Financial Services Authority (OJK) Uli Agustina asked young investors not to invest in crypto assets just because they wanted to follow the trend (Fear of Missing Out/FOMO).
"For young people, (it's best) not to join FOMO, look at left-right friends, then join the account and so on. Understand first (before) you will make this transaction, of course with traders who are already registered with the OJK," said Uli Agustina in Jakarta, quoted by Antara, Friday, June 20.
He also asked investors to understand crypto assets to be purchased, information documents and blueprint for the development of crypto assets (whitepapers), as well as asset price volatility.
In addition, he appealed to the public to be careful when accessing investment platforms, especially when using the internet network or public WiFi because it is prone to personal data theft.
Uli also reminded young investors not to use money that had been allocated for certain needs, for example to pay tuition fees.
I got messages several times (messages) from friends who cried because they used their tuition money to buy crypto assets that didn't know what the assets were like and the money was lost ( Losing). So, you have to understand correctly to be careful in these conditions," he said.
In line with Uli Agustina, Director of Digital Space and Digital Space Supervision Strategy and Policy (Kemenkomdigi) Muchtarul Huda emphasized the importance of digital literacy and protection of personal data in investing in crypto.
"What is certain is that digital literacy must still be prioritized. Then it needs to be informed to the public that the importance of personal data is so important that the use of personal data must be as wise as possible," he said.
He stated that the unreasonable use and public awareness of sharing personal data could pose a threat in the form of phishing potential and other cyber crimes if the data falls into the hands of credible parties.
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To anticipate personal data being used by irresponsible parties, Muchtarul suggested using the verification authentication feature.
He also appealed to the public to understand the rights of personal data subjects, namely the right of individuals to access, correct, remove, and limit their personal data processing.
"The concern is, because we don't know the rights and obligations of the controller, we just submit our data. Even though there are things we need to consider there for us to maintain and the obligation of the controller is also to maintain the security of our data," said Muchtarul Huda.