Regulations, Financial Inclusion, And The Future Of Crypto In Indonesia

Illustration. (Photo: Unsplash)

JAKARTA - The crypto industry in Indonesia is undergoing a transition with the transfer of crypto surveillance by the Financial Services Authority (OJK), which was previously under the auspices of BAPPEBTI. If previously crypto was considered a trading instrument, now crypto has the potential to be recognized as one of the bank equivalent financial institutions.

In this context, blockchain technology offers significant advantages in transparency and security. Every transaction using crypto is permanently recorded in blockchain networks, facilitating a more effective audit and surveillance process by regulatory authorities such as OJK. The ease of crypto accessibility is also an added value, where anyone can manage and store their own assets with complete control without the need through corporate or bank intermediaries.

"Banks are the largest economic support with very large operational and security costs. Blockchain technology is very helpful in reducing operating costs. NASDAQ, a stock exchange in America, has used blockchain which has proven cheaper, more efficient and secure," said Oscar Darmawan, CEO of INDODAX, in his statement, Saturday, June 29.

All technology that uses blockchain has a clear digital footprint, making crypto difficult to use for money laundering and corruption.

"Crypto transactions are easy to track because there are digital traces that cannot be deleted, even though it happened a few years ago. This makes it easier for the Corruption Eradication Commission (KPK) and other law enforcers 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 to provide broader financial inclusion.

"Everyone has the opportunity to be part of this digital financial ecosystem. In the crypto ecosystem, there is no geographical limit or minimum balance to start investing. This allows access to financial services that were previously difficult to reach for most people," 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 crypto assets, BAPPEBTI will assign a whitelist to crypto assets.

The aim of the whitelist is to protect traders, customers, and consumers from potential mutual losses. This is achieved by applying various conditions that must be met by crypto assets, such as real-time clearing systems and storage by custodians. Thus, it is hoped that the crypto asset 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 continuing to learn about blockchain and also learning to invest using the Dollar Cost Avarging (DCA) technique. DCA is a recommended investment strategy in crypto to minimize risks and optimize potential profits. With this strategy, investors can gradually invest certain amounts of money in a fixed time interval, 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 crypto world. 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 crypto influencer, added that the crypto industry abroad is huge, providing many very wide opportunities and opportunities.

"Anyone has access to this crypto asset without the need for a minimum balance like in a bank. In addition, transfers using blockchain technology are cheaper and faster, even for international transfers," said Andreas.