Bappebti, OJK, Bank Indonesia, and Polri, along with other relevant agencies, must immediately regulate a roadmap to advance crypto and robotic trading before problems occur in the communityJakarta (ANTARA) - People's Consultative Assembly (MPR) Speaker Bambang Soesatyo has asked ministries and non-ministerial government institutions (K/L) to design a roadmap for developing crypto and digital asset trading to boost Indonesia's digital economy.
Several institutions can get involved in designing the roadmap, such as the Futures Exchange Supervisory Board (Bappebti), the Financial Services Authority (OJK), Bank Indonesia (BI), and National Police (Polri), he said.
"Bappebti, OJK, Bank Indonesia, and Polri, along with other relevant agencies, must immediately regulate a roadmap to advance crypto and robotic trading before problems occur in the community," Soesatyo stressed.
A roadmap can create a safe and transparent digital economy with solid consumer protection while ensuring that national and other interests are met, he explained.
Indonesia has the opportunity to become a digital finance hub in Southeast Asia, particularly in the trading of digital assets such as crypto and blockchain technology, among others, Soesatyo said.
The government needs to synchronize several policies related to crypto and robotic trading to allow online and offline trading in assets ranging from digital commodities to digital currencies to run through regulated financial institutions, he explained.
"Digital economy enthusiasts, especially millennials, are waiting for this regulation so that digital finance in Indonesia could have legal certainty," he noted.
Digital economy was among the topics discussed at the G20 meeting in Glasgow, Scotland, he said.
The digital economy is expected to grow rapidly and cover all economic activities, including supply chains, with commodity digitization, artificial intelligence for economic activities, digital transportation and logistics, as well as metaverse economy and brain-computer interface intelligence expected to develop quickly, he noted.
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"This development cannot be avoided, so it must be supported through various policies, supervision infrastructure, expertise, and supporting professional services. The Finance Ministry, OJK, BI, Bappebti, and the National Police as law enforcers must be prepared for this," Soesatyo said.
Currently, hundreds of cryptocurrencies are being traded across the world, including in Indonesia, he added. The capitalization of digital crypto assets has reached nearly US$3 trillion globally and around Rp900 trillion in Indonesia, he informed.
Therefore, Soesatyo said he hopes that Indonesia can use this momentum to secure all types of transactions in the country.
Bappebti and National Police, as regulators and law enforcement officers, need to work together for anticipating irresponsible parties who try to take undue advantage of digitalization, he added.
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The absence of regulations related to the digital asset market in Indonesia can be exploited by unscrupulous individuals to deceive the public, through fraudulent investments, money game manipulations, or Ponzi schemes, which are similar to crypto and robotic trading, he said.
Data synchronization and market intelligence can help eradicate such investments to create a stable market, he added.
"The government must take on the role of regulator, supervisor, and advisor to protect consumers, as well as national security and interests, including maximizing the potential of the digital economy for state revenue through taxation," he stressed.
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Translator: Putu Indah S, Resinta S
Editor: Fardah Assegaf
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