Deputy Minister Of Trade Jerry Sambuaga Invites Academics And Students To Participate In The Law On Crypto Assets

Photo: Special

JAKARTA - Deputy Minister of Trade Jerry Sambuaga invites academics and students to participate in studying the legislation governing crypto assets in Indonesia.

"The potential in crypto assets is very large. Therefore, it needs to be well regulated so as not to harm each other. Now it has been regulated by the Financial Services Authority (OJK) through the P2SK Law. We at the Ministry of Trade will also oversee this. From a legal point of view, it needs to be well studied," explained Jerry at the national seminar of the Alumni Association of the Faculty of Law (FH) Trisakti University with the theme "Testaah Perundangan-Undang in the Consumer Protection of Crypto Assets in Indonesia" in Jakarta, Thursday 6 April.

Furthermore, said Jerry, there are still many parties who do not know about crypto assets. He also reiterated the use of crypto assets in the country.

"Here I emphasize that crypto is not a means of payment. The legal means of payment are only rupiah, beyond that, it is not legal," he explained.

He told how crypto is an asset choice for young people. According to him, crypto assets have an extraordinary fantastic growth.

"When I was appointed Deputy Minister of Trade in 2019, there were not many crypto transactions. Then the Ministry of Trade regulated these assets because they were categorized as commodities. We also met various parties, then the transaction immediately emerged. At the end of 2020, transactions reached Rp64.9 trillion and then in 2021 it increased sharply to Rp859.4 trillion or Rp2.3 trillion per day. This is very extraordinary", said Jerry.

Meanwhile, the number of tokens that already have official permits reaches 383 tokens, of which 10 are made in Indonesia. Jerry said he was proud because there were original Indonesian tokens.

"In addition, in 2019 there were 3 million subscribers then increased to 16.3 million subscribers to date," said Jerry.

Meanwhile, another seminar speaker, Dean of the Faculty of Law, Trisakti University, Siti Nurbaiti, admitted that she did not really understand crypto.

"There seems to be a clash between crypto and futures commodity assets. However, in this national seminar it will be discussed and studied in the field of law," he explained.

He also invited students to understand the crypto asset business, and if necessary, they will be involved as investors so that they know the ins and outs of crypto assets.

On the same occasion, Trisakti University Chancellor Kadarsyah Suryadi said that technological developments were much faster than the legislation.

"This is a good momentum because we are thinking about the law. We also want to show that Trisakti University's Faculty of Law has never been left behind in discussing this and wants to enrich knowledge about crypto," explained Kadarsyah.