SINGAPORE - Vice Minister of Trade Jerry Sambuaga said Indonesia has the potential to become a promising crypto market. This provides an opportunity for Singaporean investors to do crypto asset business in Indonesia. This was stated by the Vice Minister of Trade while attending the ABA Event with the theme "Community Meet and Greet Session Fireside Chat on Crossborder Blockchain, Cryptocurrency and Digital Assets Between Singapore and Indonesia" in Singapore (15/7).

"Crypto business opportunities in Indonesia are wide open. This is an opportunity for investors to do business in Indonesia. Of course, the business being run must continue to apply the regulations that apply in Indonesia," explained the Vice Minister of Trade.

According to the Vice Minister of Trade, Indonesia and Singapore can also work together to secure sensitive data and digital assets that can be transacted through cross-border foreign trade platforms. Cooperation between government agencies can be carried out to anticipate the risk of losing digital assets and the risk of using them.

"We can also work together to build a single blockchain platform based on intergovernmental communication to anticipate the loss of important data, reduce training costs, reduce administrative costs, and set a standard that can create other financing efficiencies," said the Vice Minister of Trade.

A number of Blockchain projects related to the Indonesian government include securing data entry, land registration, tracing food processing, commodity supply chains, replacing paper-based systems, preventing fraud, customs and border patrols, budget transparency, and inter-agency data management. (LM)