Deputy Trade Minister Jerry Sambuaga explained that the government continues to encourage the development of the digital economy in Indonesia. One of them is through the development of a national crypto asset ecosystem, and later the regulation and supervision will be handed over to the Financial Services Authority (OJK).

This was conveyed by the Deputy Minister of Trade Jerry when speaking at a web seminar ‘Legal Transformation in Cryptocurrency Transactions’ which was held at Pelita Harapan University, Jakarta, Monday (14/8/2023).

“Crypto assets are one of the government’s strategies to accelerate, create, and encourage efforts to develop Indonesia’s Digital Economy in 2030,” said the Vice Minister of Trade.

The Deputy Minister of Trade explained that in 2030, Indonesia’s Gross Domestic Product (GDP) is expected to grow to IDR 24 thousand trillion with the digital economy sector contributing IDR 4.5 thousand trillion or around 18.9 percent of the total value of GDP.

It is estimated that the value of Indonesia’s digital economy ecosystem in that year will mainly be supported by economic activities through the e-commerce sector with a value of more than IDR 1.9 thousand trillion.

“Nevertheless, in the future Indonesia will face challenges. First, regarding regulations, which of course must continue to adapt to the dynamics of an ever-evolving industry. Second, digital infrastructure, which we certainly know today, is still centered on the island of Java. Finally, education and literacy for the public which is of course closely related to consumer protection,” explained the Vice Minister of Trade.

The Deputy Minister of Trade also explained that crypto assets are one of the three main investment products that are of interest to the Indonesian public.

“Based on data from the Center for Economic and Law Studies (CELIOS), the three main investment products owned by the Indonesian people are mutual funds by 29.8 percent; shares of 21.7 percent; and crypto assets by 21.1 percent,” Jerry explained.

In addition, regarding regulations, the Ministry of Trade through the Commodity Futures Trading Supervisory Agency (Bappebti) as the regulator, has issued Regulations and Provisions related to Physical Trading of Crypto Assets in Indonesia which are continuously being refined.

As is known, CoFTRA issued CoFTRA Regulation Number 13 of 2022 replacing CoFTRA Regulation Number 8 of 2021 concerning Guidelines for Organizing Crypto Asset Physical Market Trading on the Futures Exchange and CoFTRA Regulation Number 4 of 2023 concerning Amendments to CoFTRA Regulation Number 11 of 2022 concerning Establishment of Crypto Asset Lists Traded on the Physical Crypto Asset Market.

Stipulated in the regulation, currently there are 501 types of crypto assets that can be traded and 32 of them are types of local crypto assets.