The Indonesian Crypto Asset Traders Association (Aspakrindo) revealed that there was a complaint by a farmer who sold his buffalo and rice fields to buy artist tokens. The farmer is now bearing a big loss because the price of the token he bought has plummeted.

Reported by detikFinance, the trend of the presence of local tokens or cryptocurrencies in the country was booming, especially since artists also had time to make these commodities. In fact, because of the hype, many people are willing to sell valuable assets to buy tokens.

“Someone has a paddy field, has a cow, then he sells and buys tokens. That is the token I mentioned. There is a celebrity token, an influencer token,” said Chairman of the Indonesian Crypto Asset Traders Association (Aspakrindo), Teguh Kurniawan Harmanda, to the media crew at the CoFTRA office.

Teguh said that currently the price of the artist’s token has fallen and is causing losses to the farmers. Unfortunately, Teguh was reluctant to mention the token artist’s name.

“That’s what happened, now his tokens are down, his rice fields have been sold, there are many in the area. We live in a city, but we have lots of complaints like that. He sold his buffalo, he sold his rice fields, that’s sad,” said Teguh.

So, Teguh suggested that if there is a local token or coin, there needs to be a forum that regulates it officially. So, don’t let the token cases which according to him be irresponsible harm the community. “In the end, I’m worried that local coins exist but are irresponsible and eventually destroy trust. I’m sure there are still lots of quality local coins,” he said.

He also gave tips when you want to invest in crypto, don’t just be influenced by artist or influencer promotions. Of course, if you want to invest in crypto, you have to make sure it is registered with Bappebti.

“Now we know that influencers (promote) buy this buy that, pompom. They are irresponsible, the coins are also not registered. So it really has to be checked,” he said. As is known, artists and singers competed to present crypto tokens. For example, singer Anang Hermansyah who has ASIX tokens.

Apart from that, there were also many children of Ustaz Yusuf Mansur who had I-Coin crypto tokens. This token was developed for IBW Games P2E, ILAND Metaverse and NFT Marketplace. Read detikjateng’s article, “The Sad Story of Farmers Selling Rice Fields and Buffaloes for Artist Tokens, Now Losing Losses”