Young People Borong Kripto, Wamendag Jerry Sambuaga: They Have Thoughts Out Of The Box

Illustration. (Photo: Unsplash)

JAKARTA - Deputy Secretary of Commerce Jerry Sambuaga assesses the potential of crypto or crypto assets as a very large commodity. Because trading crypto assets today is very large. In fact, some traders' sources mention that currently trading crypto assets has reached Rp1.7 trillion per day.

Furthermore, Jerry explained that this turnover represents one-tenth of the turnover of the Indonesia Stock Exchange (IDX). Even this turnover was achieved in just a few years.

"There is a change in the behavior of investors and traders especially among young people who are starting to see crypto as a promising new space," he said, quoted from the official statement, Monday, May 10.

Unlike other countries such as the United States and some European countries, jerry said, Indonesia does not treat crypto as a currency or currency but as a tradable asset or commodity. This is in accordance with the Bi Law which stipulates that the legal currency is rupiah. Nevertheless, the public response to crypto asset trading is huge.

"Especially young people and investors in general it's a way of thinking out of the box and always looking for new opportunities. So in addition to the current stock exchange alternatives they also see crypto can be a means of economic development," he explained.

Looking at that development, jerry said, the government should have arranged its trade. Indonesia was one of the first countries to regulate the trading of these crypto assets.

According to Jerry there are at least two reasons why it was done. First, to be a means of protection for crypto-traffickers. This is based on trading in various commodities that are indeed open to violations of one party to another.

Second, according to Jerry, this is also a means for the perpetrators to have their assets and financial flows considered legal for the state. As is known, Indonesia applies strict rules for financial supervision, and financial services.

That is, money and all assets must be accountable legally, the source and use must be clear. This is to avoid suspected money laundering, terrorism financing and others.

For his own country, Jerry sees the rules regarding trading crypto assets as useful for instruments as well as indicators in fiscal and monetary management. In general, he sees crypto asset trading arrangements as indispensable for managing the economy and the well-being of society in general.

Currently the Ministry of Trade through Bappebti is working on a plan to establish a crypto exchange. It is planned that this exchange could be established in the second half of this year. If smooth, then the exchange will be a means for official trading. Currently Bappebti only regulates the types of crypto assets that can be traded in Indonesia which amounts to about 229.