The Volume Of Crypto Asset Trading Transactions Drops By Up To 63 Percent, This Is What OJK Says

Crypto (photo: illustration: Unsplash)

JAKARTA The volume of crypto asset trading transactions has decreased since the last year.

Meanwhile, in 2021 the volume of crypto asset trading transactions will reach IDR 859.4 trillion, this figure will decrease by 63 percent to IDR 306.4 trillion in 2022 and it will still decline until September 2023, reaching IDR 94.4 trillion.

Responding to these conditions, OJK Chief Executive Supervision of Financial Asset Financial Sector Technology Innovation and Crypto Assets (IAKD) Hasan Fawzi said that there was indeed a downward trend in crypto transactions when viewed from the Covid-19 pandemic.

"All investment assets when there is a COVID-19 pandemic restriction, all investment activities have indeed increased, as well as making crypto asset transactions extraordinary growth in 2021, then little by little there is a downward trend that occurs in all instruments in 2022 and continues in 2023," Hasan said, at a press conference at Bunga Rampai, Friday, November 10.

According to Hasan, all investment instruments will go down and rise by itself according to market conditions that occur, but he hopes that the presence of OJK arrangements will later be able to prepare a fair and transparent market.

Hasan explained that the transparency in question is the capability of the organizers which must be clear so that investors can choose crypto assets that are capable and efficient.

"That will be an indicator of success in the presence of OJK arrangements later. A fair market, transparent market, integrity in it and efficient," he explained.

Hasan hopes that after the supervision and regulation of crypto assets is fully held by the OJK, his party will be able to create the best formula for developing and strengthening the crypto asset ecosystem.

As for now, crypto assets are still under the responsibility of the Commodity Futures Trading Supervisory Agency (CoFTRA).

"Maybe there will be institutional aspects that we have to fix, because this investment is also related to trust. So if people don't believe it, they are hesitant to enter into this investment instrument, of course there will be a continuing downward trend," he explained.

In addition, Hasan said that the OJK will present a strong institutional infrastructure in maintaining investor confidence so that it is safe to make transactions on crypto assets.