INDODAX: TPPU Using Crypto Assets Is Easy To Track

INDODAX CEO, Oscar Darmawan. (Photo: Doc. INDODAX)

JAKARTA - INDODAX, as the first crypto exchange in Indonesia, again reminded to remain vigilant regarding the misuse of crypto assets for illegal activities. This is in line with the widespread indications of money laundering cases (TPPU) worth IDR 132 trillion mentioned by President Joko Widodo some time ago.

Furthermore, recently the Corruption Eradication Commission (KPK) found two officials who have billions of rupiah worth of crypto assets in the state administrator's wealth report (LHKPN). The KPK is still investigating whether the ownership of the crypto asset is indicated by money laundering offenses or not.

The growth of the crypto industry in Indonesia is indeed very fast. This opens up new opportunities for many parties, from the lower to the upper class. But on the other hand, we must also be aware of the potential for misuse of crypto assets for illegal activities," said INDODAX CEO Oscar Darmawan, in his statement, Friday, May 3.

According to Oscar Darmawan, the use of crypto assets for illegal activities is a big mistake, given the natural transparency of crypto assets.

"The use of crypto assets such as Bitcoin for money laundering can actually be easily detected. This is because basic technology from crypto assets, namely Blockchain, has the ability to verify and track every transaction. Therefore, this kind of illegal act can be revealed quickly," explained Oscar Darmawan.

Furthermore, Oscar Darmawan also explained that the nature of data tied to Blockchain technology is a key factor in ensuring transparency and security.

"There are many advantages that Blockchain technology can gain, such as high level of security, greater transparency, increased inability to change data, and increased efficiency. In addition, this technology can reduce operational costs and facilitate asset movement tracking," added Oscar Darmawan.

Oscar Darmawan also highlighted that the transparency of Blockchain allows users to monitor the transfer flow of crypto assets, even though the available data is pseudonym.

"Although the identity of the owner is not available directly, the transaction data is still recorded and can be tracked, even after changing hands several times," said Oscar Darmawan.

Thus, Oscar Darmawan concluded that crypto assets are actually not suitable for use as a tool to commit crimes. On the contrary, using crypto assets in committing crimes can facilitate tracking. This is because the existence of Blockchain technology in crypto assets actually strengthens transparency and accountability so that it can help prevent and reduce financial crime.