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With the introduction of its government-supported cryptocurrency exchange, Indonesia is emerging as a promising crypto center that aspires to be a frontrunner in Web3 technology, as stated by executives in the Indonesian blockchain and metaverse sectors.
During the recent Blockchain Economy Summit in Dubai, Cointelegraph engaged with 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). The executives discussed the current landscape of digital assets, as well as the adoption of blockchain and metaverse technologies in Indonesia.
Sabandar noted that the youth represent a significant portion of the country’s population of 270 million, a demographic that is “receptive to new technology.” She also emphasized that this adaptability has positioned Indonesia as one of the largest user bases globally for Web2 social media platforms such as Facebook and Instagram.
Sabandar delivers a keynote speech at the Blockchain Economy Summit held in Le Meridien, Dubai. Source: Cointelegraph
As a result, Sabandar conveyed to Cointelegraph that the nation is poised to take a leading role in Web3 adoption. “We aspire to be the leader, not merely a consumer of technology, because now, due to decentralization, anyone can create or innovate,” she remarked.
Sabandar further emphasized that the IBMC has been collaborating with various sectors, including government, private industry, media, and academia, to raise awareness about Web3. She elaborated:
“That’s our homework, actually. To really educate people about the benefits of using blockchain, about transparency, how smart contracts can enhance their businesses, what decentralization means, and similar topics.”
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On the other hand, Nugraha, who serves as an advisor to the Indonesian government regarding its blockchain and metaverse research, indicated that the government’s strategy towards Web3 technology is highly cooperative.
Nugraha (second right) with Cointelegraph’s Ezra Reguerra (right) in a panel discussion at the WOW Summit held in Atlantis, The Royal in Dubai. Source: Joeri Billast
The executive shared with Cointelegraph that the Indonesian government is partnering with various blockchain-oriented associations to explore and experiment with blockchain technology to comprehend its effects across different sectors. “They aim for regulations that encourage innovation rather than imposing numerous restrictions,” he clarified.
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Nugraha also disclosed that the Indonesian government intends to pilot the application of blockchain technology in public service scenarios. He mentioned that the government will experiment with blockchain-based digital certificates for land ownership and competency certificates in the education sector.
He believes that due to blockchain’s fundamental characteristics, utilizing the technology for certificates could effectively address certificate fraud and assist the government in verifying the authenticity of various digital certificates through on-chain data.
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