they need to get thorough information about the aspect they are delving into, such as crypto assets
Jakarta (ANTARA) - Education and information regarding crypto assets and trade were crucial, so as to raise public awareness regarding that topic, according to Trade Minister Zulkifli Hasan.

"This is very important. Our people sometimes want everything to be instantaneous. Get profit instantly, advance instantly, to be famous instantly. Hence, they need to get thorough information about the aspect they are delving into, such as crypto assets," Minister Hasan stated at the opening of the Crypto Literacy Month here on Thursday.

The minister noted that crypto trade is a business aspect with high risk, yet people were tempted with the prospect of instant, big profits.

The Commodity Futures Trading Regulatory Agency (Bappebti) reported that crypto transactions throughout 2022 were capped at Rp306.4 trillion (US$20.6 billion). The figure decreased by 64.3 percent as compared to Rp858.76 trillion (US$57.7 billion) in the previous year. In 2020, the value was recorded at Rp64.9 trillion (US$4.3 billion)

Figures that fluctuate easily spelled high risk, especially for prospective players, who were unaware of how crypto works, he pointed out.

"This means a very high risk, no? Which is why it was put on hold some time ago, and then the information has been given, and then the regulations have been issued, and we have allowed for it again. Hence, later on, whoever delves into this aspect, all the opportunities, the risks, they understand," he elaborated.

Last year, the Trade Ministry, through the regulatory agency, temporarily suspended registration for prospective crypto asset physical traders or crypto exchanges.

The break on this permit issuance was to pursue a transparent, efficient, and effective physical crypto assets trade. Currently, 25 prospective crypto asset trader companies are registered with the agency.

The ministry and Bappebti will launch crypto exchange this year that is expected to be available before June 2023.

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Translator: Maria Cicilia G P, Mecca Yumna
Editor: Sri Haryati
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