Something interesting is happening in Indonesia. The country now explores the idea of adding bitcoin to its national reserves. A local group called Bitcoin Indonesia recently met the office of vice-president Gibran Rakabuming Raka to discuss this daring decision. They also proposed a plan for bitcoin extraction supported by the state fueled by renewable energies.
Transform green energy into digital gold
Indonesia has enormous potential with regard to geothermal and hydroelectric power. The group believes that this energy could be used to exploit Bitcoin on a large scale, helping to develop the economy and create jobs. This strategy has already worked in other countries adapted to Bitcoin. They even mentioned a forecast by Michael Saylor that Bitcoin could reach $ 13 million by 2045.
Unlike other nations that turn to Bitcoin due to inflation or high debt, Indonesia is in a strong position. Inflation is stable and the debt levels are moderate. It is therefore more an avant-garde innovation than a financial rescue.
Education passes first
Adhit of the VP office says: “Indonesia must also continue to educate on Bitcoin in the future.”
Government representatives are interested but cautious. Their main point was that people must understand bitcoin before any major decision was made. The group agreed and said that national education programs would be essential to establish confidence and adoption.
Increasing crypto taxes add a twist
At the same time, Indonesia has recently increased taxes on crypto. Crypto sales income tax has been doubled, costs on foreign transactions have increased five times and the mining is now faced with higher VAT. In addition, crypto payments are still prohibited, a rule that was reinforced last year.
But on the ground, bitcoin is already used
Despite these rules, people use Bitcoin. In places like Bali, the properties are openly listed with Bitcoin prices. Peers transactions occur quietly, showing that Bitcoin already has a presence in the local economy.
What happens if Indonesia advances
If this plan becomes reality, Indonesia could be the first major country in Asia to hold Bitcoin in the context of its reserves. It would be a big change in the way governments treat digital assets.
If Bitcoin is reclassified by the Financial Services Authority, this could bring more clarity for investors and help attract more capital to the growing cryptography market in Indonesia.
Now the world is looking at to see what Indonesia does then.
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Faq
Despite a stable economy, Indonesia considers BTC as a strategic asset – by taking advantage of geothermal / hydroelectric power for mining and the future price potential of $ 13 million.
Indonesia has doubled the income taxes of cryptography, 5x’d foreign transaction costs, the increase in mined VAT and maintains the ban on cryptographic payments.
Indonesia could become the first great nation of Asia with the reserves of the BTC, which can reclassify it by virtue of the Financial Services Authority for clearer regulations.
