For the past several years, blockchain and crypto companies in Indonesia have been developing more advanced solutions, with experts predicting the industry will greatly impact Indonesia’s status as an ASEAN leader.
According to Amyn Gillani, CEO of Talos Digital, Indonesia should rely on the development of blockchain technology to drive innovation across various sectors.
The Indonesian government seemed to recognize the importance of blockchain as early as February 2019, when it revealed it would be issuing legal frameworks for cryptocurrencies and digital asset futures.
“This came just a few days after the Commodity Futures Trading Regulatory Agency announced that Bitcoin and other cryptocurrencies would be classified as trading commodities,” Gillani wrote in an article published on Entrepreneur.com.
The Indonesian government has been keen to adopt technology:
“Just months after the announcement was made, Indonesia used blockchain verification for nearly 13 percent of the 193 million votes that were cast in Jowoki’s reelection bid,” Gillani wrote. “A few weeks later, the government announced a multimillion-dollar partnership with Singapore-based blockchain firm PLMP Fintech to improve the logistics industry using blockchain technology.”
Moreover, the establishment of the Blockchain Innovation Center is expected to promote more cooperation in the Indonesian blockchain space.
The support of the public sector will play a key part in driving blockchain technology in the Southeast Asian country, Gallani concluded.
“With new votes of confidence from perhaps the community’s most important partner — the Indonesian government — it’s not unreasonable to anticipate Indonesia’s ascension on the global stage on the strength of the blockchain.”
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