Deputy Minister Of Trade Jerry Sambuaga: Government Targets Singapore Investors To Do Crypto Business In Indonesia

Illustration (Photo: Doc. Antara)

JAKARTA - The government through the Ministry of Trade is said to be targeting investors in Singapore to enter the Indonesian crypto market.

Deputy Minister of Trade (Wamendag) Jerry Sambuaga said the opportunities for the national crypto market are wide open for investors.

“This is an opportunity for investors to do business in Indonesia. Of course, the business that is being run must continue to apply the regulations that apply here," he said in a press statement quoted on Saturday, July 16.

According to Jerry, Indonesia and Singapore can increase collaboration to secure sensitive data and digital assets that can be transacted through cross-border foreign trade platforms.

"Cooperation between government agencies can also be carried out to anticipate the risk of losing digital assets and the risk of using them," he said.

Jerry added, this synergy is very possible to implement the principles of reducing training costs, administrative costs, and setting one standard that can create other financing efficiencies.

"A number of Blockchain projects related to the Indonesian government include securing data entry, land registration, tracing food processing, commodity supply chains, replacing paper-based systems, preventing fraud, customs and border patrols, budget transparency, and inter-agency data management," he explained.