Blockchain industry hoped to spur cryptocurrency exchange formation

Jakarta (ANTARA) – Deputy Minister of Trade Jerry Sambuaga hopes for the presence of the blockchain industry to encourage the formation of the first government-regulated cryptocurrency exchange in the world.

The formation of a cryptocurrency exchange is hoped to be able to provide assurance, clarity, and protection to consumers, at the same time preventing criminal acts such as money laundering and terrorism.

“When the (cryptocurrency) exchange is formed, there will be clearing, bookkeeping, and other procedures and they will make the management more visible. We can ensure that everything is surveilled and carried out properly,” he said in a press release from the Indonesian Blockchain Association received here, Sunday.

Expert Staff for Connectivity, Service Development, and Natural Resources at the Coordinating Ministry for Economic Affairs, Raden Edi Prio Pambudi, said that the blockchain industry also paved the way for industry players to be more creative in their business through crypto-based system innovation.

When the concept is materialized, he said, blockchain will no longer be known as a speculative instrument, but can solve problems in the real sector, at the same time becoming an investment instrument.

Additionally, he also believed that Indonesia’s blockchain industry can be exhibited in front of investors who will attend the G20 event next year.

“This should be prepared as an arena to show our blockchain industry next year. Indonesia is ready, as we have a lot of talent, (it is now a matter of) how do we invest to develop this, so this should be worked on,” he explained.

Meanwhile, Acting Director of Digital Economy at the Ministry of Communication and Informatics I Nyoman Adhiarna said that regulators must make policies that are more flexible with a nod to what is called as the agile regulation or smart regulation.

One of the issues when it comes to blockchain, is that its application can be very diverse and fast, so regulations that can catch up with the acceleration of its implementation will be needed.

He encouraged the Ministry of Law and Human Rights to be able to work towards a break through for smart contract applications if later realized based on the Presidential Regulation (PP) Number 5 of 2021 concerning the implementation of risk-based licensing in KBLI 62014 related to blockchain technology security activities that are already in effect.