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Indonesia Crypto Oversight Shifts to OJK: A Step Towards a More Transparent, Safer Industry
In early 2025, supervision of crypto assets in Indonesia officially shifted from the Commodity Futures Trading Supervisory Agency (Bappebti) to the Financial Services Authority (OJK). This step was marked by the issuance of Government Regulation (PP) No. 49 of 2024 by President Prabowo Subianto. This change is seen as a strategic step to strengthen security, transparency, and consumer protection in the rapidly growing crypto industry.
Key Points in Transfer of Control
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The Future of Crypto in Indonesia: Opportunities and Challenges
Indonesia
Indonesia, a country with a population of over 270 million people, is undergoing a significant digital transformation, and one trend that is stealing the spotlight is the adoption of cryptocurrencies. With more and more people becoming tech-savvy and a growing interest in digital investment, crypto offers a huge opportunity for Indonesia’s digital economy. However, behind this opportunity, there are challenges that should not be ignored.
1. Widespread Adoption
Jakarta City
Crypto is increasingly popular among Indonesians, especially millennials and Gen Z. Many are attracted to this digital asset because of its high profit potential, although the risks are also high. Crypto exchanges such as Indodax, Pintu, and Tokocrypto have become the main platforms for people to buy and sell crypto assets such as Bitcoin, Ethereum, and other local tokens.
Indonesia, a country with a population of over 270 million people, is undergoing a significant digital transformation, and one trend that is stealing the spotlight is the adoption of cryptocurrencies. With more and more people becoming tech-savvy and a growing interest in digital investment, crypto offers a huge opportunity for Indonesia’s digital economy. However, behind this opportunity, there are challenges that should not be ignored.
1. Widespread Adoption
Jakarta City
Crypto is increasingly popular among Indonesians, especially millennials and Gen Z. Many are attracted to this digital asset because of its high profit potential, although the risks are also high. Crypto exchanges such as Indodax, Pintu, and Tokocrypto have become the main platforms for people to buy and sell crypto assets such as Bitcoin, Ethereum, and other local tokens.
Aliah22:
Indonesia Is Beautiful 🤩
Project Garuda takes flight: First phase of Indonesia’s Digital Rupiah achieved
Bank Indonesia has completed the Proof of Concept (PoC) for its Wholesale Rupiah Digital Cash Ledger.
This initiative advances the country’s Central Bank Digital Currency (CBDC) development through Project Garuda.
Bank Indonesia Governor Perry Warjiyo announced that the central bank has completed the “Immediate State,” representing the first phase of the Rupiah Digital exploration journey.
The development aligns with the bank’s mandate as Indonesia’s sole currency issuer and responds to the rapid growth of the digital financial economy.
“This achievement is a manifestation of Bank Indonesia’s commitment to the development of the Rupiah Digital in response to the rapid growth of the digital financial economy,” Warjiyo stated in the official report.
According to Bank Indonesia economist Fransiskus Xaverius Tyas Prasaja, the PoC validated the required technical capabilities using distributed ledger technology (DLT). The testing phase showed that DLT-based solutions could effectively meet the requirements of the Rupiah Digital business model.
The technical implementation involved testing across two DLT platforms: Corda, developed by R3, and Hyperledger Besu, developed by Kaleido. Both platforms were tested through 55 scenarios, focusing on three core business processes: issuance, redemption, and fund transfer.
The PoC revealed that the DLT platforms successfully integrated with conventional systems using existing standards and the ISO 20022 standard. Smart contracts showed better transaction efficiency and flexibility for future Rupiah Digital development.
The central bank’s whitepaper, “Project Garuda: Navigating the Rupiah Digital Architecture,” states two remaining phases – the Intermediate State and End State – in Indonesia’s CBDC development roadmap.
#Indonesia #CryptoIndonesia #Indonesian
Bank Indonesia has completed the Proof of Concept (PoC) for its Wholesale Rupiah Digital Cash Ledger.
This initiative advances the country’s Central Bank Digital Currency (CBDC) development through Project Garuda.
Bank Indonesia Governor Perry Warjiyo announced that the central bank has completed the “Immediate State,” representing the first phase of the Rupiah Digital exploration journey.
The development aligns with the bank’s mandate as Indonesia’s sole currency issuer and responds to the rapid growth of the digital financial economy.
“This achievement is a manifestation of Bank Indonesia’s commitment to the development of the Rupiah Digital in response to the rapid growth of the digital financial economy,” Warjiyo stated in the official report.
According to Bank Indonesia economist Fransiskus Xaverius Tyas Prasaja, the PoC validated the required technical capabilities using distributed ledger technology (DLT). The testing phase showed that DLT-based solutions could effectively meet the requirements of the Rupiah Digital business model.
The technical implementation involved testing across two DLT platforms: Corda, developed by R3, and Hyperledger Besu, developed by Kaleido. Both platforms were tested through 55 scenarios, focusing on three core business processes: issuance, redemption, and fund transfer.
The PoC revealed that the DLT platforms successfully integrated with conventional systems using existing standards and the ISO 20022 standard. Smart contracts showed better transaction efficiency and flexibility for future Rupiah Digital development.
The central bank’s whitepaper, “Project Garuda: Navigating the Rupiah Digital Architecture,” states two remaining phases – the Intermediate State and End State – in Indonesia’s CBDC development roadmap.
#Indonesia #CryptoIndonesia #Indonesian
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Christmas Miracle: Bitcoin Reaches New Milestone in 2024
At the end of 2024, Bitcoin (BTC) again stole the attention with an impressive price achievement. On December 26, 2024, the price of Bitcoin reached Rp1,603,004,000 per coin, showing a significant increase in the past few months.
The increase was influenced by several factors, including the Federal Reserve's decision to cut interest rates significantly, which prompted investors to seek alternative assets such as Bitcoin.
In addition, Bitcoin's dominance in the crypto market has peaked in the last three years, solidifying its position as the leading asset in this market.
The increase was influenced by several factors, including the Federal Reserve's decision to cut interest rates significantly, which prompted investors to seek alternative assets such as Bitcoin.
In addition, Bitcoin's dominance in the crypto market has peaked in the last three years, solidifying its position as the leading asset in this market.