Indonesian Crypto Transactions Increase, CoFTRA: Indonesia Has The Potential For Blockchain Development

Cryptophoria Magical Events in Bali (photo: dock. Crypto magic)

JAKARTA - The latest data from the Commodity Futures Trading Supervisory Agency (CoFTRA) states that the number of crypto transactions in Indonesia has reached IDR 75.81 trillion as of July 2023.

With this amount, CoFTRA assesses that Indonesia has a solid foundation to develop a digital asset ecosystem, and opens up opportunities for Indonesia to become a leader in the development of blockchain technology.

"CoFTRA will continue to open up to the development of blockchain technology because of its potential which is not only limited from trading in crypto assets," said Head of the CoFTRA Market Development and Development Bureau, Tirta Karma Senjaya at the Cryptophoria Magic event in Bali.

In the midst of the increasing and massive number of crypto investors today, Tirta also emphasized strict supervision of crypto assets.

"We don't want incidents at the global level, such as the existence of exchangers, to close so that investors are harmed. For that we build a better surveillance ecosystem, namely the Crypto Exchange," he added.

At the same time, the Founder and CEO of the Ajaib Group, Anderson Sumarli, also supports collaboration with the government to realize the potential for blockchain development in Indonesia.

"The communication between the government that is open to blockchain, has proven that Indonesia is the first country to have a crypto exchange in the world, and the average young Indonesian person who understands crypto assets and blockchain is more numerous than other countries," said Anderson.

Menurut Anderson, negara-negara lain saat ini sedang melihat Indonesia dan Indonesia bisa menjadi mind leadership dalam pengembangan blockchain.

As an observer of Crypto Assets and Founder of Learningcrypto.id, Angga Andinanta welcomed the optimism of regulators and crypto actors in Indonesia.

Angga said that blockchain is a new technology, which requires communication between ministries. The goal is that Indonesia can take advantage of this blockchain technology.

"Especially because Indonesia already has good capital, from regulations, friendly taxation, and the largest population of young people in the world to develop blockchain," said Angga.