According to Bitcoin Indonesia, the Indonesian government is searching for bitcoin as a reserve property, which recently discussed with officials how the strategy can run economic development in the country.
Bitcoin in Indonesia “We were invited to the Vice President’s office how Bitcoin can benefit the country,” Said In an X post on Monday.
“We discovered a bold idea: using bitcoin mining as a national reserved strategy.”
The bitcoin community wrote on X, “Yes, seriously. (Indonesia) is seeing how Bitcoin can increase long -term economic strength.”
Indonesia is the fourth most populous country in the world with over 280 million people. It has an estimated GDP (GDP) of $ 1.4 trillion, making it the 16th largest economy in the world.
Bitcoin mining opportunities, education among major areas of attention
The presentation of Bitcoin Indonesia included indications on how the country could take advantage of its abundant hydroelectric and geothermal resources to promote economic growth – a strategy that has promoted significant employment creation in other countries that embrace bitcoin (BTC).
Bitcoin Indonesia said the meeting was with the special employees of the office of Jibran Rakbing Raka, the Vice President of Indonesia.
Bitcoiners also presented Michael Sayler’s prediction that Bitcoin would reach $ 13 million by 2045 in a base case and $ 49 million in a bull case.
Bitcoin Indonesia also emphasized the importance of Bitcoin education initiative for adoption, agreed with a representative with a representative of the office of Indonesia vice -president’s office with a representative:
“Indonesia should continue to educate about bitcoins in future,” Bitcoin Indonesia Remembered that The officer said.
Bitcoin’s ability to increase long-term value has attracted it to adopt it as a strategic reserve property to attract nation-states like America, which addresses its deteriorating loans to protect against gross domestic product (debt-to-GDP) ratio and inflation.
This pitch can be less relevant to Indonesia, however, because its debt-to-GDP is relatively low 39%, While its annual inflation rate (till January 2025) is strongly under control 0.76%.
Indonesia recently produced anti-crypto policies
Indonesia Crypto allows trading but prohibits its use for payment.
Last Friday, Indonesia’s Finance Ministry raised taxes on crypto traders and miners. Income tax on the sale of crypto through local exchanges doubled from 0.1% to 0.21%, while sales on foreign exchanges increased from 0.2% to 1%.
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Additionally, the value on crypto mining activities was doubled by 1.1%.
Crypto payment restrictions are not viewing comprehensive enforcement
Indonesia has banned the crypto payment since 2017, and in 2023 confirmed that the tourists paying crypto will also “be strongly dealt with.”
Despite the restriction, the enforcement seems to be the lack, recently observed bitcoins, observing several real-estate listings in Bali with a co-coinlagraph reporter on the ground.
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