OJK Responds to a Proposal Making Bitcoin a State Reserve, Calling It Innovation

The Financial Services Authority (OJK) recently responded to a proposal from crypto asset industry players encouraging the Investment Management Agency (BPI) Daya Anagata Nusantara (Danantara) to make Bitcoin a state reserve.

The Financial Services Authority (OJK) has responded to a proposal from crypto asset industry players to encourage the Investment Management Agency (BPI) Daya Anagata Nusantara (Danantara) to make Bitcoin a state reserve.

The Chief Executive of the Supervision of Financial Technology Innovation, Digital Financial Assets, and OJK Crypto Assets, Hasan Fawzi, called the idea a form of innovation to strengthen the national digital financial ecosystem.

"We opened the possibility of innovation, which is to pour Bitcoin into the reserve assets to be managed by BPI Danantara, as an innovation that can be explored to strengthen the national digital financial ecosystem," Fawzi said in a written response to the proposal from crypto asset industry players, Friday (8/18).

Also read: OJK responds to proposals from crypto asset industry players

At that time, industry players, namely Tokocrypto, Zipmex, and TRIV, encouraged BPI Danantara to consider allocating a portion of its portfolio to Bitcoin.

The proposal was submitted in response to a statement by the Governor of Bank Indonesia (BI), Erwin Suharno, who opened the possibility of BPI Danantara managing crypto assets.

Meanwhile, one of the actors in the crypto industry, CMO Tokocrypto, Wan Iqbal, said that the proposal reflected the advancement of a strategic mindset from industry players towards the role of crypto assets in national economic development.

"We see this proposal as a reflection of efforts to create a portfolio diversification that is adaptive to the times, especially in the midst of global economic uncertainty," Iqbal said.

In fact, according to him, the United States has announced a digital asset reserve strategy including Bitcoin, as a long-term strategic step.

In the US, according to Iqbal, this step is not only aimed at asset diversification, but also reduces sales pressure from government institutions in dealing with liquidity needs.

Iqbal believes that, if managed by the principles of governance and strong risk mitigation, crypto assets such as Bitcoin could be part of a strategy to diversify state reserves, especially in dealing with global economic uncertainty and exchange rate fluctuations.

This plan includes not only Bitcoin, but also four other digital assets: Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA).

Thus, this srategi is projected to strengthen the US position in the global digital economy map, as well as create a new stability mechanism for the volatility of digital assets in the open market.

"This US move provides an important precedent that the government's involvement in crypto ownership does not necessarily mean a form of extreme adoption, but rather a new monetary policy strategy that is adaptive to the digital era," Iqbal said.

After hearing the response from the OJK, according to Iqbal, the next step needs to be focused on establishing an adaptive and collaborative regulatory framework, so that innovation is not only a discourse, but really contributes to national economic growth. The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language.

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Tag: Tokocrypto bitcoin aset kripto kripto danantara