Encourage Development and Regulation, Indonesian Blockchain Association Officially Established

Following the increasingly massive development of the blockchain industry in the world, including Indonesia, six blockchain companies in the country took the initiative to establish the Indonesian Blockchain Association (ABI). ABI was officially established on March 21, 2018.

These six blockchain companies are Blocktech Indonesia, BlockchainZoo, IndoDAX, Indonesian Blockchain Network, Luno, and Pundi X. IndoDAX CEO Oscar Darmawan was appointed as Chairman of ABI.

In his speech, Oscar revealed that blockchain technology as a 4.0 generation technology is believed to be one of the important pillars for the development of the industrial sector in Indonesia.

ABI is said to have brought a number of visions and missions to encourage collaboration between the government and business actors to develop blockchain and cryptocurrency technology in Indonesia.

It is hoped that ABI can open a dialogue with the government and collect investment transaction data that goes to blockchain players in Indonesia.

As a first step, ABI has become a member of the Indonesian Chamber of Commerce (KADIN). His party is currently formulating various programs while holding a dialogue with the government for blockchain development.

Considering that this association has just been established, it does not yet have data on investment transactions that have been entered and accepted by blockchain players in Indonesia.

"Most blockchain companies are still in the form of startup companies and this technology is also relatively new in Indonesia. So, we hope this association can encourage its development," said Oscar when met at the inauguration of the Indonesian Blockchain Association, Wednesday (21/3/2018).

For Oscar, many misunderstandings occur in society regarding blockchain technology. People only know that blockchain is bitcoin and crypto currency. In fact, blockchain adoption can be applied to various industrial sectors.

"Actually, without us realizing it later in the future we have adopted blockchain for our various activities, because this technology is actually behind, not in front," explained Oscar.

Yos Ginting, who was appointed as Chairman of the ABI Supervisory Board, said that blockchain development in Indonesia will face a number of challenges. One of the biggest is regulation considering that this technology does not yet have a legal umbrella.

"We don't have any regulations or systems that can co-exist with the development of blockchain technology in Indonesia. For that, we hope to be partners with the government and the private sector."