US Bitcoin Reserve: Positive Signal For Indonesian Crypto Regulations?

Illustration. (Photo: Unsplash)

JAKARTA - The United States is getting serious about adopting digital assets by introducing Bitcoin Reserve and US Digital Asset Stockpile. This move marks a major change in global crypto policy and is a strong signal for other countries to consider similar strategies.

INDODAX CEO Oscar Darmawan assessed that this policy shows US recognition of Bitcoin as a strategic asset.

If a country as big as the US starts to build Bitcoin reserves, then this could become a global trend. Other countries, including Indonesia, need to consider similar strategic steps so as not to be left behind in the development of the digital economy," he said in a discussion on the Bloomberg Technoz Podcast, quoted Thursday, March 20.

This policy also drew attention because the US not only stores Bitcoin and Ethereum, but also includes XRP and Solana on its list of strategic digital assets. According to Oscar, this decision could be part of the political dynamics and US economic strategies in facing the dominance of digital assets globally.

The US Bitcoin reserve strategy is not only aimed at asset diversification, but also reduces sales pressure from government institutions. Oscar explained that if Bitcoin is included in a country's strategic reserves, the asset will most likely not be sold in the short term, which could have an impact on the stability of Bitcoin prices in the market.

On the other hand, Crypto Academy Founder Timothy Ronald sees this move as a signal for other countries to follow in the footsteps of the US.

This is similar to the moment when the Bitcoin ETF was first launched. The impact may not be felt yet, but in the long term, this policy could encourage more countries to build their own Bitcoin reserves," he explained.

Several other countries, such as the United Arab Emirates and Turkey, are starting to move more progressively by considering Bitcoin as part of their national reserves. According to Timothy, if this trend continues, it is possible that more countries will follow, including countries with developing economies such as Indonesia.

In Indonesia, crypto asset regulations still face challenges. Even though it has been regulated under the Financial Services Authority (OJK), the involvement of Bank Indonesia (BI) in strategic aspects such as foreign exchange reserves has not been seen.

There needs to be alignment between related institutions so that crypto regulations in Indonesia are not stagnant. We used to be the most advanced in crypto asset regulations in Southeast Asia, but are now starting to fall behind," Oscar added.

In addition, the adoption of Bitcoin by the state can pose new challenges for the concept of decentralization which has been the main value of crypto. This is because the more countries that accumulate Bitcoin, the greater the potential for institutional control of these assets.

In a global context, the increasing number of countries recognizing Bitcoin as a strategic asset can encourage policy changes in various countries. Oscar hopes that Indonesia can immediately take a firmer stance in facing this development.

With the number of crypto investors who have reached more than 30 million people in Indonesia, this policy that supports industrial growth can provide benefits to the national digital economy.