The Potential of Web3 to Boost Indonesia's Digital Economy

The potential of Web3 technology has seen a huge wave of growth over the last two years. Many startups blockchainwhich focuses on developing Web3 projects, NFT, to crypto as a business idea.

Interestingly, the discussion of Web3 became the main topic in the "Web3 Community Meetup 2022" event held in Jakarta T-Hub by Tokocrypto Bali. One of the speakers at the event which was held on August 26, 2022, was the General Chair of the Indonesian Crypto Asset Traders Association (ASPAKRINDO), Teguh Kurniawan Harmanda.

According to the man who is familiarly called Manda, seeing the development of Web3 in Indonesia is still relatively new. There is a lot of homework that needs to be done to maximize the potential of Web3 for the growth of the digital economy in Indonesia.

“Despite the huge demand, Web3 developers are in short supply of talent. The concept of Web3 is still a relatively new idea and has been introduced since 2014. Not too many courses teach blockchain, let alone the material about the concepts in it. This is just one of the few reasons that prompted us to create an ecosystem geared towards talent development on Web3,” said Manda.

“Web3 Community Meetup 2022” event at T-Hub by Tokocrypto Bali on August 26, 2022. Photo: Tokocrypto.

Manda believes Web3 is with technology blockchain, crypto, to NFT have the prospect of creating more added value for the future of Indonesia's digital economy. Moreover, Indonesia is the largest digital economy country in Southeast Asia with the potential value for the digital economy to reach Rp 4.531 trillion by 2030.

“One of the first steps in the development of Web3 is to build a solid ecosystem from upstream to downstream. In terms of talent development, regulation to the industry itself. Currently, there are many local startups that focus on business development on Web3 and blockchain,” he explained.

Crypto Exchange As Gateway to the Web3 World

Even though the situation market is sluggish, the potential of the crypto industry and blockchainstill very big. This can be seen from the number of large companies that have started to enliven the industry blockchain, as did GoTo which acquired one of the Prospective Crypto Asset Traders in Indonesia.

Separately, Manda sees the corporate action as one of the evidences that show crypto asset industry in Indonesia, will continue to grow and have opportunities for business development, as well as building a more advanced ecosystem in the future.

"I believe this is not the last corporate action, we may see something similar in the future, where many companies or institutions enter to develop their business in the crypto industry and blockchain. Exchange this crypto as Gateway or pintu entry for potential use of the ecosystem blockchain, Web3, metaverse, NFT and more.” he said.

Chairman of ASPAKRINDO, Teguh Kurniawan Harmanda at the Web3 Community Event, Friday, August 26, 2022. Photo: Tokocrypto.

Potential of Indonesia's Crypto Asset Industry

The domestic crypto asset industry itself so far still has considerable potential. CoFTRA noted that until July 2022, the number of crypto asset investors has reached more than 15,57 million with the value of trade transactions in Indonesia recorded at Rp. 232,4 trillion.

This crypto asset industry can be a milestone for economic growth in Indonesia. Like, opening up new jobs, especially those related to blockchain technology. Then, many Indonesians have helped their economic recovery by investing in crypto assets.

The openness of the government is also a good momentum for the growth of the crypto asset industry in Indonesia. Indonesia is a country that has quite good regulations to accommodate crypto trading transactions which are considered as commodities.

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Disclosure: This article was first published on the Tokocrypto news portal with the same title. This upload is part of the media partner collaboration between Tokocrypto and DailySocial.id. Read the original article HERE.