Russia Ready To Create Bitcoin Reserves, Indonesia Needs To Join?

Illustration of Bitcoin (photo: Door)

JAKARTA - Several countries have shown interest in Bitcoin reserves, one of which is El Salvador, and Russia which recently considered the same thing.

Recently, Russia considered the use of Bitcoin for national reserves, especially in the face of international sanctions. However, there has been no official implementation.

Then, does the Indonesian government need to consider the same thing as Russia to do Bitcoin reserves?

Crypto analyst from Reku Fahmi Almuttaqin said that Indonesia does not need to rush to determine an asset to become a reserve for a country. Because according to him, the decision requires more complex considerations and comprehensive strategies.

"It will depend on the results of a study conducted by the Indonesian government. Crypto assets such as bitcoin are not for everyone, and crypto assets are also not just bitcoin," Fahmi told VOI on Thursday, December 12.

In line with Fahmi, Tokocrypto Trader Fyqieh Fachrur also said that this decision must be adjusted to the local economic context which still relies heavily on fiat currency-based international trade such as dollars.

If planned carefully, Bitcoin Reserve can be a strategic step to diversify foreign exchange reserves while at the same time encouraging the acceleration of digital transformation.

Nevertheless, Fyqieh added, risks such as Bitcoin price volatility and infrastructure readiness must be a major concern. So according to him, Indonesia still needs to pay attention to this.

"Before taking this step, Indonesia needs to focus on building clear regulations, strengthening the blockchain ecosystem, and increasing public understanding of the benefits and risks," he concluded.