Kuala Lumpur, Malaysia--(Newsfile Corp. - June 26, 2022) - Deputy Minister of Trade DR. Jerry Sambuaga visited Malaysia, being invited as speaker at a seminar on the development of the Asian blockchain community. The event lasted for 2 days from June 24th to June 25th, in which the Vice Minister of Trade had the opportunity to be the main speaker on June 24. On this occasion the Vice Minister of Trade explained the progress and direction of crypto trading which is growing rapidly in Indonesia.
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Jerry emphasized "Crypto trading is regulated by the CoFTRA (Bappebti) under the Ministry of Trade because crypto in Indonesia is categorized as a commodity and not as currency, Rupiah is the only medium of exchange or currency that is legal tender in Indonesia according to Indonesian law".
At the seminar which was held both physically and online (hybrid) with participants from Indonesia, Malaysia, Singapore, New Zealand, Canada, India, Vietnam, UAE, Venezuela, USA and Europe, DR Jerry also invited Indonesian crypto players to continue to innovate and educate the public so they can use crypto as an investment instrument. To crypto players outside Indonesia, the Vice Minister of Trade invites them to invest and enter as players in the crypto industry in Indonesia.
Jerry further said that Indonesia is a potential future market with a demographic bonus that supports the development of the crypto industry. Indonesia will also have a crypto exchange that aims to protect crypto players from the side of crypto consumers, traders and coin or token developers. This concept is important because only by providing certainty and protection for all can the crypto industry progress. "We cannot hold progress in technology, but we can choose what is good and what is not by providing sufficient education and clear protection for all industry stakeholders."
The crypto industry in Indonesia is growing very fast with an increase in total transactions recorded per 31 dec 2021 reaching a total of 859 trillion rupiah (USD 58 Billion) and the number of investors recorded reached 12.5 million users. This was conveyed by the Vice Minister of Trade in a panel discussion with Mr. David Rhoades, Global Marketing Lead of the Monetary Authority of Singapore (MAS) Mr Harpreet, Malaysian Blockchain Association.
At the end, the Vice Minister of Trade also answered several questions from participants regarding the enthusiasm of the actors regarding investment opportunities and the direction of crypto development in Indonesia.
The event ended with a photo session with crypto players and the hope that the crypto industry in Asia, especially Indonesia, Malaysia, and Singapore could share a common vision for future developments.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129050