Indonesia to Test Blockchain Tech for Public Services

Indonesian blockchain and metaverse executive Tuhu Nugraha has announced plans for the country to embark on trials of blockchain technology for various public service applications, with the aim of positioning Indonesia as a leader in Web3 technology. 

Indonesia Adopts Blockchain Tech

During the Blockchain Economy Summit held in Dubai, Grace Sabandar, co-founder of the Indonesia Blockchain and Metaverse Center (IBMC), and Tuhu Nugraha, principal of the Indonesia Applied Digital Economy and Regulatory Network (IADERN), told Cointelegraph the current landscape of digital assets, blockchain, and metaverse adoption in Indonesia.

Youth is Highly Receptive of Blockchain

Sabandar noted that Indonesia’s population of 270 million includes a substantial youth demographic that is highly receptive and adaptable to emerging technologies.

Highlighting the IBMC’s collaborative efforts across diverse sectors such as government, private industry, communities, media, and academia, Sabandar said:

“That’s our homework, actually. To really educate people about the benefits of using blockchain, about transparency, how smart contracts can benefit their businesses, what decentralization is, things like that.”

Government is in Favor of Web3 Adoption

Nugraha emphasized that the government’s stance on Web3 technology is notably collaborative. He asserted: “They want the regulation to stimulate innovation rather than just wanting to give it a lot of rules.”

He additionally revealed that the government is intending to carry out experiments involving the integration of blockchain technology in various public service applications.

Regulation of Crypto in Indonesia

Notably, in a significant move toward embracing the world of cryptocurrencies, Indonesia made a bold step in June of this year. The country released an extensive list of tradable crypto assets, encompassing 501 cryptocurrencies, including nearly all tokens that are recognized as securities by the United States Securities and Exchange Commission (SEC).

Moreover, a recent report by TheCoinRise revealed an announcement made on July 20 by Indonesia’s Commodity Futures Trading Supervisory Agency, also known as Bappebti that  unveiled that the long-anticipated cryptocurrency exchange in the country has commenced its operations.