Having Opportunities And Challenges, RI Voices Global Crypto Standardization

Illustration (Photo: Doc. Antara)

JAKARTA - The Indonesian government through the Minister of Finance (Menkeu) Sri Mulyani encourages global standards governing the use of digital assets (crypto). This was conveyed by the state treasurer when attending a series of meetings at the Minister of Finance and the Governor of the Central Bank of the G20 in India this week.

"Crypto assets are one of the instruments that continues to grow, and also have many opportunities and challenges," he said, quoted Wednesday, July 19.

According to the Minister of Finance, Indonesia invites all nations to form an understanding as a global policy standard. He said, the provisions or regulations governing crypto assets vary between jurisdictions of each country.

"I convey the need for global standards in regulation and supervision of crypto assets that adhere to the same activity, same risk, same regulation principles. (In addition) I also share experiences related to the same principles applied in financial sector reforms in Indonesia through the P2SK Law," he said.

In line with the Bali Fintech agenda, the Minister of Finance hopes that this crypto asset policy standard can increase consumer protection without stopping technological innovation.

"I am sure that global standards will overcome various challenges related to digital assets such as consumer protection, money laundering, terrorist financing, and market manipulation. Furthermore, the existence of the same standards between countries will increase transparency and accountability in the crypto industry so as to grow the user's trust," said Minister of Finance Sri Mulyani.