Cryptocurrency

The government has officially granted a license to trade digital currency or cryptocurrency in Indonesia. There are 229 cryptocurrencies that have been given the green light to be traded domestically.

This permit was granted through the Commodity Futures Trading Supervisory Agency (CoFTRA) in line with the issuance of CoFTRA regulations (Perba). The regulation describes which crypto assets are officially in Indonesia.

A total of 229 assets that received this permit were decided through an approach. Namely a juridical approach (looking at the 500 coin market cap / CMC rating) according to the provisions of Article 3 paragraph (2) letter c of Perba Number 5 of 2019.

Then an assessment of CoFTRA's process hierarchy analysis (AHP) was carried out with due regard to security aspects, profiles of the team and team members who developed it, governance of the blockchain system, scalability of the blockchain system, a roadmap that explains the blockchain system development plan that can be verified, and the standard value of 6, 5.

Crypto Industry with High Growth Potential in Indonesia

The growth of interest in crypto assets in Indonesia is increasing. This is marked by the increasing number of crypto asset investors from time to time.

Based on data from the Commodity Futures Trading Regulatory Agency (CoFTRA) as of June 2022, there are 15.1 million crypto asset users in Indonesia. Responding to the increasing number of crypto investors in Indonesia, Chief Operating Officer of the Nanovest crypto investment platform, Billy Suryajaya said that Indonesia has great potential.

As for Billy, he explained that the number of crypto investors in Indonesia is still small compared to the population, there are still many things that can be explored and developed by crypto industry players in Indonesia.

Chairman of the Indonesian Crypto Asset Traders Association (Aspakrindo) Teguh K Harmanda said that the Indonesian crypto asset industry still has promising potential even though the market is currently in a bearish trend.

However, the man who is familiarly called Manda does not deny that the current conditions have suppressed the trading volume of crypto assets in Indonesia. He said, at least until the end of May 2022, the overall transaction volume reached Rp 196 trillion. In fact, throughout 2021, the volume of crypto trading in Indonesia will reach IDR 860 trillion.

Even so, he said the decline in trading volume was a natural thing because market conditions were indeed less enthusiastic about making transactions. On the one hand, interest in the crypto industry has so far remained good along with the growing number of crypto investors in Indonesia.

Furthermore, Manda is also optimistic that the Indonesian crypto industry still has interesting potential in the future. According to him, the bearish market condition will not scare investors. Moreover, cyclically, the decline in the price of crypto assets after reaching the all-time high level is indeed a natural thing.

However, Manda said that the Indonesian crypto industry still has a lot of homework to do, one of which is education and market expansion.

According to him, with Indonesia's wide market share, the addition of new crypto traders can be a breath of fresh air. The reason is, it can expand the existing market.

In addition, he said education should also be done to make investors more mature and wise. Good and massive education is expected to eliminate investors who just join in and make them choose crypto assets based on utility and use & case values.

On the same occasion, ICCA Chairman Rob Rafael Cardinal added, currently there are still many crypto investors whose discussion is only about the price, not discussing the fundamentals or utility, which are the benchmarks for the potential of these crypto assets.

Therefore, education must continue to be carried out so that people can regard crypto assets as other class assets whose purchases must be based on fundamental research.