According to Bitcoin Indonesia, the Indonesian government has been exploring the use of Bitcoin as a reserve asset and recently met with officials to discuss how this strategy could drive national economic growth.
Bitcoin Indonesia stated in a post on X on Monday, "We were invited to the Vice President's office to demonstrate how Bitcoin can benefit the nation."
"Yes, indeed. Indonesia is studying how Bitcoin can promote long-term economic strength," the Bitcoin community wrote on X. They added that other areas of focus include Bitcoin mining and educational programs.
Indonesia is the fourth most populous country in the world, with over 280 million people. Its Gross Domestic Product (GDP) is estimated at $1.4 trillion, making it the 16th largest economy in the world.
Bitcoin Indonesia's presentation included suggestions on how to leverage the country's abundant hydropower and geothermal resources to drive economic growth—a strategy that has significantly created jobs in other Bitcoin-adopting countries.
Bitcoin Indonesia held a meeting with special advisors from the office of Vice President Gibran Rakabuming Raka.
Bitcoin supporters also showcased Michael Saylor's prediction that Bitcoin could reach $13 million in a baseline scenario by 2045, and potentially $49 million in a bull market scenario.
Bitcoin Indonesia also emphasized the importance of Bitcoin education programs to drive adoption, with a representative from the Vice President's office seemingly agreeing with this view:
"Indonesia must continue Bitcoin education in the future," Bitcoin Indonesia recalled the official's words.
The long-term price growth potential of Bitcoin has attracted countries like the United States to consider it as a strategic reserve asset to address their worsening debt-to-GDP ratio and hedge against inflation.
However, this proposal may be less relevant for Indonesia, as its debt-to-GDP ratio is relatively low at just 39%, and its annual inflation rate (as of January 2025) is kept steady at 0.76%.
Indonesia allows cryptocurrency trading but prohibits its use for payments.
Last Friday, the Indonesian Ministry of Finance raised taxes on crypto traders and miners. The income tax on crypto sales through local exchanges increased from 0.1% to 0.21%, while sales on foreign exchanges rose from 0.2% to 1%.
Additionally, the value-added tax on crypto mining activities increased from 1.1% to 2.2%.
Since 2017, Indonesia has implemented a ban on crypto payments and reiterated in 2023 that tourists using crypto payments would also be "severely punished."
Despite the ban, enforcement by relevant authorities has not been strict. A Cointelegraph reporter's investigation in Bali found that several real estate companies openly stated they accept Bitcoin payments.
Related: A Bull Market Doesn't Mean Relaxation: Q2 Reports from Crypto Concept Companies Reveal Transformation Pains
Original article: “Indonesian Civil Society Groups Reveal: Government is Exploring Establishing a National Bitcoin (BTC) Reserve”
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