Inaugurating T-Hub in Bali, Tokocrypto Wants to Boost Crypto Asset Penetration and Literacy in Indonesia

Market penetration crypto assets in Indonesia is now rapidly growing to become one of the largest markets in Southeast Asia. With more than 273 million people spread across this most populous archipelagic nation, Indonesia deserves to be fertile ground for any technology and business operating on it with optimal traction.

On the other hand, this is also supported by increasingly inclusive literacy by para stakeholders involved in the ecosystem. One of the platforms marketplace crypto asset, Tokocrypto, by launching its new initiative, T-Hub, in Bali. This is also referred to as a form of support for regional economic recovery efforts, and is also expected to bring multiply effect to revive the national economy through the development of the digital economy and the acceleration of tourism-based industries and hospitality.

Bali was chosen because it has the potential for a digital and creative economy, as well as a response to the large interest and demand for the crypto asset investment market on the Island of the Gods. Recently, Tokocrypto also supported the realization of one of the NFT offline galleries in Bali by Superlative Secret Society.

T-Hub is a Tokocrypto initiative in presenting a 'home' that is open for enthusiasts and the community to discuss and develop various ideas to encourage the development of crypto asset investment in the country. Bali is Tokocrypto's second T-Hub after previously being present at Patal Senayan, Jakarta.

Tokocrypto CMO Nanda Ivens sees that Bali has considerable potential for developing the crypto market in the future. This is marked by a significant growth in the number of crypto asset investors. Tokocrypto noted that the number of crypto asset investors on the Island of the Gods in 2020 was approximately 900 users who invested in Tokocrypto and then increased very rapidly in 2021, namely more than 28.000 users who invested in Tokocrypto.

Through T-Hub, Tokocrypto is not only a platform, but also an ecosystem that accommodates communities that need a means of gathering, education and discussion as well as developing appropriate ideas to encourage the development of crypto asset investment and the use of blockchain technology in various digital sectors in Indonesia.

"According to our mission, making legit crypto and mainstream and with Tokocrypto's values, namely; trust, transparency, and synergy become our strength to continue educating, advocating and educatingempower for the development of the crypto asset industry and blockchain technology,” concluded Nanda.

Tokocrypto COO Teguh Kurniawan Harmanda said his party was actively discussing and collaborating to build common ground value (trust, transparency & synergy) with various stakeholders. Not only with the government, but also with associations, media and communities.

T-hub, added Manda, is a form of Tokocrypto's commitment to expand collaboration to support the development of the crypto and blockchain asset industry through discussions to strengthen regulations and supervision so that the crypto and blockchain industry and ecosystem are safer and more trusted by the Indonesian people.

Government support

Regulation of crypto assets and their derivatives in Indonesia still has many loopholes and needs more elaboration. However, one thing is for sure, the functions that crypto assets can carry out today only as a commodity or an asset, not a means of payment. This was also emphasized by the Deputy Minister of Trade of Indonesia, Jerry Sambuaga, "[..] That the only legal instrument of payment is Rupiah."

On this occasion, Jerry also revealed the extraordinary growth and development of crypto assets in Indonesia. Until last December 2021, there were around 11,2 million active users of crypto assets in December 2021 with total transactions reaching 859 trillion rupiah with an average of 2,7 trillion transactions per day.

In addition, the Ministry of Commerce reiterated that the exchange for crypto assets is in the process of being finalized and will be inaugurated in the near future. The establishment of this exchange is considered important to revive and excite the crypto asset ecosystem in Indonesia. Besides being more integrated, it is also to provide a sense of security for shareholders.

Furthermore, Jerry mentioned that Bappepti as part of the Ministry of Trade will be tasked with ensuring the operations of the stock exchange so that everything can be integrated. This is solely to minimize the risk of fraud or negligence by irresponsible parties. "So everyone will look to the stock exchange as the main reference and instrument. This is the government's commitment to ensure that consumer protection is the main priority," he added.

According to data released by Bappepti, to date, there are 11 crypto asset operators registered with and 229 crypto assets that can be traded in Indonesia.

The day before the inauguration of T-Hub Bali, Tokocrypto signed an MoU with BRI Ventures, a venture capital company owned by PT Bank Rakyat Indonesia (Persero) Tbk (BRI), creating TSBA (Tokocrypto Sembrani Blockchain Accelerator) to jointly build an incubation ecosystem for various technology-supported startups blockchain.