“Draft:Cryptocurrency in Indonesia”的意思、由来-开放百科全书

Cryptocurrency is an asset used as a means of exchanging. It is considered reliable because it’s based on cryptography. One of the cryptography’s primary objectives is communications and how to make them secure. It creates and analyzes the algorithms and protocols so no information is changed or interrupted during the conversation by third parties. Cryptography is a mix of a large number of different sciences, with mathematics as the basic. It’s math that attaches the severity and reliability to algorithms and protocols. Cryptocurrencies use Blockchain and a decentralized ledger. It means that no supervisory authority controls all the actions in the network. This comes at the expanse of all the users.

Blockchain

Blockchain is defined as value transaction bookkeeping based on information and communication technology that records and save transaction proof or ledger in a distributed fashion through a network of computer in a private or public manners. In short, blockchain is an information technology that is used in cryptocurrency, for blockchain like Bitcoin's or Ethereum's, the cryptocurrency in use (Bitcoin and Ethereum) are used as an incentive for the miners (servers).

Coin and Token

Regulation and Official Comment of Cryptocurrency in Indonesia

BI statement No. 16/6/DKom

Law No. 7 of 2011 about Currency in Indonesia only allows Rupiah as a medium of exchange in Indonesia. The law effectively prohibits the use of commodities such as crypto and gold assets as well as other currencies other than Rupiah such as the US Dollar or Chinese Renminbi. Bank Indonesia also emphasized the prohibition on using crypto assets as a medium of exchange in Indonesia through Bank Indonesia (BI) statement No.16 / 6 / DKom.

Indonesia's Ministry of Trade Regulation No. 99, 2018

Utilization of crypto assets such as Bitcoin, Ethereum and Stellar in Indonesia is regulated by the Ministry of Trade (Kemendag) working with the Badan Pengawas Perdagangan Berjangka Komoditi (Bappebti). The Ministry of Trade has issued Republic of Indonesia Minister of Trade Regulation No. 99 of 2018 concerning General Provisions for the Implementation of the Trading on Crypto assets. In this regulation crypto assets are classified as one of the commodities that are worthy of being subjected to futures contracts traded in the futures market.

Indonesia's Financial Service Authority (OJK) Regulation No. 37/04/2018

Crowdfunding organizer are allowed to partner and to exchange data with information technology based supporting services in order to enhance the quality of crowdfunding services. (examples of information technology based supporting services: big data analytics, aggregator, robo advisor, or blockchain)

Cryptocurrency News in Indonesia

Indonesia became a Thriving Ground for Crypto (06/08/2018)

With about 265 million population, Indonesia is a very big market for any kind industry, including crypto-related industries. According to Coinhills, Indonesia is the third largest crypto traders in terms of volume, there are about one million traders in Indonesia^[1].

Indonesian Ministry of Trade Regulation for Cryptocurrency Trading

Indonesian government through its ministry of trade have given cryptocurrency a legal standing through Permendag (Ministry of Trade Regulation) No.99, 2018. Cryptocurrency (Cryptoassets in the Permendag) is recognized as a commodity that can be used as a subject for Futures^[2].

Indonesian Financial Service Authority's (OJK) Regulation for Financial Technology Innovation (23/08/2019)

OJK as Indonesia's official authority for financial service has released POJK (OJK's regulation) No.13/POJK.02/2018 about Digital Finance Innovation in Financial Sector. Within this regulation, blockchain is said to be one the innovation in financial sectors acknowledged by OJK^[3].

Blockchain Development in Indonesia Cooperation with Japan (12/09/2018)

Perkumpulan Pemerhati Bitcoin & Blockchain Indonesia (Association of Indonesian Bitcoin & Blockchain Observer) have signed an MoU with International Crypto Currency Promotion Organization (ICCPO) declaring a joint effort to help the development of Cryptocurrency in Indonesia^[4]. The focus was to help and guide Indonesian Government in cryptocurrency-related policy making^[4].

OJK's Regulation for Crowdfunding (07/01/2019)

Through POJK No. 37/POJK.04/2018 that was released in 31 December 2018, OJK regulates equity crowdfunding in Indonesia. Blockchain is mentioned to be the information technology that may help provide crowdfunding with better quality^[5].

Local Cryptocurrency Started Its Debut (17/01/2019)

[https://haratoken.io/ Hara Token], an Indonesian cryptocurrency project has started its public sale in 21 January 2019^[6]. Hara project goal is to help Indonesian farmer to bypass any third party between the farmers and consumer that swell the crops prize^[7].

Indonesian Unicorn Startup Entered Crypto World (19/01/2019)

Gojek, a well-known Indonesian startup have announced their plan to invest in a Philippines crypto startup, Coins.ph^[8]. Coins.ph is a startup based in Manila that focus on remittance business utilizing blockchain and cryptocurrency^[8].

Blockchain Adoption in SMEs in Solo, Indonesia (25/01/2019)

Kendi (Keuangan Digital/Digital Finance) is an Indonesian startup that pave the way for small and medium enterprise to get funding and at the same time helps investor create a more objective and data-driven decision. In January 2019, Kendi made a cooperation with the government of Solo to help SMEs in Solo to participate in Kendi's project^[9].

List of Cryptocurrency related Companies in Indonesia

Coinone Indonesia

Coinone.inc is a South-Korean based global cryptocurrency exchange platform founded by Myunghun Cha, the exchange reaches monthly trading around $10 billion and earned over 70 billion won ($6.1 million) in 2017, thanks to the local crypto craze. Cha founded Coinone in 2014 to build the future of finance based on blockchain and cryptocurrency. Cha is a renowned white-hacker who has won international competitions including DEFCON CTF and Codegate.

Coinone currently operates the third largest exchange in Korea (Coinone Exchange) and is scheduled to launch the blockchain-based overseas remittance and payment service, Cross. In 2018, they introduced Coinone Indonesia, Coinone’s first overseas exchange. Based on strong competence in the exchange industry, Coinone aims to lead the new world of finance through blockchain technology.

Indodax

Indodax (PT Indodax Nasional Indonesia, previously bitcoin.co.id) is Indonesian crypto asset exchange startup founded by Oscar Darmawan and William Sutanto and have been operating since 2013. By far, Indodax is the largest exchange by verified members count in Indonesia with over 1.500.000 members (19 December 2018). It’s average daily trading volume is IDR 100 Billion in 2018. Indodax’s headquarter is situated in Bali, furthermore, Indodax’s branch can be found in Jakarta, Semarang, and Surabaya.

In March 2018, Bitcoin Indonesia (bitcoin.co.id) officially rebranded into Indodax (Indonesia Digital Asset Exchange). Oscar Darmawan the current CEO of Indodax said: “Many of Indonesians thought Indodax as a payment system using Bitcoin. While in fact, our goal is not to act as a payment system”. As of January 2019, Indodax has 36 coin/token projects listed in its platform, that can be traded using IDR or BTC for certain projects.

Luno

Luno (PT Luno Indonesia, Ltd. previously BitX) is a crypto asset exchange based in London, UK that was founded in 2013 by Timothy Stranex, Marcus Swanepoel, Pieter Heyns, Francois paul, and Carel van Wyk. Luno is operating in more than 40 countries with over 2 million members globally and about 240 thousand members in Indonesia (2018). It’s daily volume average is IDR 100 Billion in 2018. Luno has office in various country, such as: London (UK), Cape Town (South Africa), and Singapore.

BitX was rebranded into Luno in 2017 to reflect Luno’s hope of reaching the moon and Luno’s responsibility as educator. Until January 2019, Luno only accept Bitcoin and Ethereum as their listed crypto asset but can be traded using ZAR (South African Rand), NGN (Nigerian Naira), IDR (Indonesian Rupiah), EUR, and MYR (Malaysian Ringgit). In 23 January 2019, BTC/IDR pairing make up to 0,21% of Luno’s trading volume.

Tokocrypto

List of Cryptocurrency related Institutions/Association in Indonesia

Asosiasi Blockchain Indonesia (Indonesia Blockchain Association)

Blockchain Zoo

Blocktech

References

1. ^{{Cite news|url=https://www.cnnindonesia.com/teknologi/20180803152439-185-319271/indonesia-lahan-basah-mata-uang-kripto|title=Indonesia Lahan basah Mata Uang Kripto|last=JNP|first=CNN|date=2018|work=CNN Indonesia|access-date=29 January 2019}}
2. ^{{Cite news|url=https://coinvestasi.com/featured/regulasi-aset-kripto-legal/|title=Regulasi Aset Kripto|last=Setiawan|first=Felita|date=2018|work=Coinvestasi|access-date=29 January 2019}}
3. ^{{Cite news|url=https://keuangan.kontan.co.id/news/ojk-resmi-mengeluarkan-aturan-tekfin-baru|title=OJK resmi mengeluarkan aturan tekfin baru|last=Febrian|first=Ahmad|date=2018|work=Kontan|access-date=29 January 2019}}
4. ^¹{{Cite news|url=https://ekonomi.kompas.com/read/2018/09/12/125615126/kembangkan-bitcoin-dan-blockchain-indonesia-kerja-sama-dengan-jepang|title=Kembangkan Bitcoin dan Blockchain Indonesia kerja sama dengan Jepang|last=Pitoko|first=Ridwan Aji|date=2018|work=Kompas.com|access-date=28 January 2019}}
5. ^{{Cite news|url=https://ekonomi.kompas.com/read/2019/01/07/131850726/ojk-resmi-keluarkan-aturan-crowdfunding-ini-isinya|title=OJK Resmi Keluarkan Aturan "Crowdfunding"|last=Setiawan|first=Sakina Rakhma Diah|date=2019|work=Kompas.com|access-date=29 January 2019}}
6. ^{{Cite news|url=https://coinvestasi.com/berita/public-sale-hara-token/|title=Public Sale HARA Token Akan Segera DIbuka!|last=Setiawan|first=Felita|date=2019|work=Coinvestasi|access-date=28 January 2019}}
7. ^{{Cite web|url=https://haratoken.io/|title=HARA|last=|first=|date=|website=|archive-url=|archive-date=|dead-url=|access-date=28 January 2019}}
8. ^¹{{Cite news|url=https://coinvestasi.com/berita/go-jek-mulai-memasuki-dunia-kripto/|title=Go-Jek Memasuki Dunia Kripto|last=Medina|first=Aulia|date=2019|work=Coinvestasi|access-date=28 January 2019}}
9. ^{{Cite news|url=http://solo.tribunnews.com/2019/01/25/platform-keuangan-digital-kendi-bantu-pemkot-surakarta-susun-database-umkm|title=Platform Keuangan Digital Kendi Bantu Pemkot Surakarta Susun Database UMKM|last=Prabawati|first=Garudea|date=2019|work=TribunSolo|access-date=29 January 2019}}