The Southeast Asian nation of Indonesia is becoming an emerging cryptocurrency hub after launching a government-backed cryptocurrency exchange, aiming to become one of the leaders in Web3 technology, an Indonesian blockchain and Metaverse executive said.
At the recent Blockchain Economic Summit in Dubai, Cointelegraph interviewed Grace Sabandar, co-founder of the Indonesian Blockchain and Metaverse Center (IBMC), and Tuhu Nugraha, head of the Indonesian Applied Digital Economy and Regulatory Network (IADERN) . Executives talked about the adoption status of digital assets, blockchain and the Metaverse in Indonesia.
Sabandar said that young people account for a large proportion of the country’s 270 million people, and they are the people who “adapt to new technologies.” The executive also pointed out that because of this, the country has been one of the world’s largest user bases for Web2 social media applications such as Facebook and Instagram.
As a result, Sarbandar told Cointelegraph that the country is ready to become one of the leaders in Web3 adoption. “We want to be leaders, not just users of technology, because now, because of decentralization, anyone can do something, anyone can create something,” she said.
Sabandar also emphasized that IBMC has been working with various departments such as the government, private sector communities, media and academia to promote Web3 to the country. She explained:
“That’s our job, actually. To really educate people on the benefits of using blockchain, transparency, how smart contracts can benefit their business, what decentralization is, etc.”
At the same time, Nugraha, who serves as the Indonesian government’s blockchain and metaverse technology research consultant, said that the government’s attitude towards Web3 technology is very collaborative.
In an interview with Cointelegraph, the senior executive stated that the Indonesian government is cooperating with various associations focusing on blockchain to learn and conduct blockchain technology experiments to understand its impact on various industries. “They want regulation to spur innovation, rather than just trying to make a lot of rules,” he explains.
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Nugraha also revealed that the Indonesian government plans to conduct trials on the application of blockchain technology in public service use cases. According to the executive, the government will test the use of blockchain-based digital certificates of land ownership and competency certificates in the education sector.
He believes that leveraging the inherent characteristics of blockchain and applying technology to certificates can potentially combat certificate fraud and help governments use on-chain data to verify the authenticity of various digital certificates.
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