Jakarta, CNBC Indonesia – The Ministry of Trade (Kemendag) recorded the number of crypto asset investors (cryptocurrency) including bitcoin, dogecoin, ethereum et al until May this year have penetrated 6.5 million users in Indonesia, with transaction values exceeding Rp 370 trillion.
This figure has exceeded the number of capital market investors on the Indonesia Stock Exchange (IDX) even though the number of capital market investors continues to show an increasing trend.
As of February 2021, IDX recorded that the number of capital market investors reached 4.5 million, an increase of 16.35% or an increase of 634,000 new investors from the position at the end of 2020. These capital market investors consist of stock investors, mutual funds, and bonds (debt securities). ).
According to IDX data published via Instagram, as of Tuesday (16/2/2021), the number of Single Investor Identification (SID) specifically for stocks only reached 2,001,288. This figure grew by 18.05% compared to the number of stock investors at the end of last year.
The Indonesian Minister of Trade Muhammad Lutfi said the high public interest in digital money assets was the reason for the need for the public to immediately learn how crypto asset trading works before starting to engage in and make transactions.
This is very important to prevent losses from not understanding the dynamics of crypto assets. “Stay alert before transacting crypto assets,” said Trade Minister Lutfi at the Managing Crypto Asset Fever-Investor Protection in Crypto Asset Trading, quoted from the Kompas Daily Youtube channel, quoted Monday (21/6/2021).
“We see the number of players in 2020 is 4 million people, in a number of months this year until May 2021 players in crypto assets have grown by more than 50% to 6.5 million people,” said the former Indonesian Ambassador to Japan.
“And then if we look at the number of transactions traded in 2020, it was only IDR 65 trillion, in the first 5 months in 2021 it has grown 5 times to IDR 370 trillion,” he explained.
The former Indonesian Ambassador to the US also said that the growth of crypto assets in the country has become a dynamic that inevitably must be realized and the Ministry of Trade must also see the growth of crypto assets as an opportunity.
Digital Economy
Lutfi said that Indonesia has now entered an era of change, an era of disruption that cannot be denied. According to the calculations of the Ministry of Trade, Indonesia’s GDP in 2020 is around Rp. 15,400 trillion, which will grow to Rp. 24,000 trillion in the next 10 years.
At the same time, digital economy trade will grow from IDR 632 trillion in 2020, will grow about 8 times to IDR 4,531 trillion or 18% of Indonesia’s GDP in 2030.
Therefore, the role of trade in the digital economy, especially the downstreaming of digital trade, is very important and must be regulated. If Indonesia is not immediately regulated, it will be chased by something that has actually become a reality in the world, especially in the world, especially in the world. digital economy.
“So if we can see that in 2030 2030 e-commerce will dominate the digital economy market more than 34%, the value is as I said earlier, then B2B service 13%, corporate service with Rp 529 trillion and health service will be number two and these are also important things in the digital economy.”
He considered, this crypto asset will also be a very important asset because this crypto asset will be the fruit or a part of the downstream digital economy, especially when 5G, internet of things, cloud computing, artificial intelligence become the most important parts of the digital economy itself.
Due to the growing potential, the Ministry of Trade needs to properly regulate crypto asset transactions. Regulations for crypto asset transactions will be implemented and adjusted to create optimal regulations.
“The Ministry of Trade has to manage this well. We will use policy sandbox. We will go first and at the same time we will improve the regulations to ensure the security and confidentiality of transactions,” said the Minister of Trade.
Lutfi said that trading crypto assets in the country must remain oriented to the principles of trade in Indonesia, namely fair trade, maintaining equal level playing field, and beneficial for all parties involved.
Currently, the Ministry of Trade has a Commodity Futures Trading Supervisory Agency (CoFTRA) to oversee crypto asset trading in the country.
The government has set the Minister of Trade Regulation Number 99 of 2018 concerning General Policy for the Implementation of Crypto Asset Futures Trading and Regulation of the Head of CoFTRA Number 5 of 2019 concerning Technical Provisions for the Implementation of Crypto Assets and its amendments.
The list of 229 crypto assets that can be traded on futures exchanges can be seen in CoFTRA Regulation Number 7 of 2020 concerning the Establishment of a List of Crypto Assets that can be Traded in the Physical Crypto Asset Market.
In addition, there are currently 13 Prospective Crypto Asset Traders registered with CoFTRA in accordance with CoFTRA Regulation No. 5 of 2019 concerning Crypto Asset Trading Guidelines and have been refined into CoFTRA Regulation No. 9 of 2019 and CoFTRA Regulation No. 2 of 2020 concerning Asset Trading Guidelines. Crypto on the Physical Exchange Market.
The Ministry of Trade will also work closely with the Financial Services Authority (OJK), Bank Indonesia (BI), and stakeholders in crypto asset trading to ensure the convenience of transacting crypto assets and building a beneficial ecosystem.
“We will work together so that we together become a nation that can first enjoy the freedom to control crypto assets,” he said.
On the same occasion, the Head of CoFTRA, Indrasari Wisnu Wardhana, targets a futures exchange for crypto assets to be formed by the end of this year. This is to accommodate the increasingly rapid development of crypto asset investment in the country.
Currently the process of establishing an exchange for these crypto assets is in progress.
“The stock exchange is in the process, our target is no later than the end of 2021, the exchange will be available and it’s already running,” said Indrasari.
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