The populous country would benefit greatly from taking advantage of the abundant renewable energy available.
Governor of the Indonesian Province of West Java, Ridwan Kamil and prominent Bitcoin global advocate and JAN3 CEO Samson Mow, revealed in a fireside chat titled “The Indonesia Bitcoin Mining Campaign” that the government of Indonesia is researching various ways in which bitcoin adoption in the country could benefit its people.
Governor Kamil explained the specific environment that makes Indonesia a potential major player in the bitcoin mining space, saying “[Indonesia has] the second most geothermal potential in the world — more than 800 rivers with hydropower. As bitcoin allows the transformation of energy into money, bitcoin could be transformative for indonesia”
He also explained that the country is already on a steady path towards adoption, with more than 12 million cryptocurrency investors, 70% of which are invested in bitcoin. According to Governor Kamil, this number grows by half a million a year.
In addition, the Governor touched on how bitcoin could bring financial technology to people in his country who currently do not have access to that. “Bitcoin is a solution in my opinion to unbankable parts of my society,” he explained. “40% of my people are unbankable.”
Another topic touched on was the recent introduction of an Omnibus bill that allows for 100% foreign investment into renewable energy projects above 1 MW. This bill could lead to increased investment and attention in the region. “Come to indonesia, lets have this big reserve of renewable energy dedicated to the bitcoin mining business,” Governor Kamil said.
Mow touched on the opportunity at hand for Indonesia, saying that “The first [countries] that adopt bitcoin in a meaningful way will have a big advantage.” Afterwards, Governor Kamil inquired about the way that El Salvador’s bitcoin bonds function. Mow replied that “The bonds can finance the buildout of new energy infrastructure … Indonesia could have a volcano bond too.”
Overall, the talk indicated that Governor Kamil is cautiously optimistic, and that he sees bitcoin as a potential game changer for the economy of his country and the livelihood of his people. As a country with access to major amounts of renewable energy and large portions of the population unbanked, it is seemingly ripe for bitcoin adoption.
“The new generation is buying Bitcoin as a reserve,” Governor Kamil concluded. “Hopefully Indonesia will be a Bitcoin heaven in the future.”
