Bitcoin Reserve, Does Indonesia Need to Consider It?

Several countries have shown interest in Bitcoin reserves, one of which is El Salvador, and Russia which recently considered the same thing.

Several countries have shown interest in Bitcoin reserves, including El Salvador and recently Russia.

The move by Russia to consider using Bitcoin for national reserves came amid international sanctions. However, there has been no official implementation of the plan.

Meanwhile, crypto analyst from Reku Fahmi Almuttaqin stated that Indonesia does not need to rush into deciding on an asset to serve as a country's reserve. According to him, the decision requires more in-depth considerations and a comprehensive strategy.

"It will depend on the results of a study conducted by the Indonesian government. Crypto assets such as bitcoin are not for everyone, and crypto assets are also not just bitcoin," Fahmi told VOI on Thursday, December 12.

In line with Fahmi, Tokocrypto Trader Fyqieh Fachrur also said that this decision must be adjusted to the local economic context which still relies heavily on fiat currency-based international trade such as dollars.

If planned carefully, Bitcoin Reserve can be a strategic step to diversify foreign exchange reserves while at the same time encouraging the acceleration of digital transformation.

However, Fyqieh added, risks such as Bitcoin price volatility and infrastructure readiness must be a major concern. So according to him, Indonesia still needs to pay attention to this.

"Before taking this step, Indonesia needs to focus on building clear regulations, strengthening the blockchain ecosystem, and increasing public understanding of the benefits and risks," he concluded.