According to a publication on Wednesday, a new group that will be responsible for promoting the use of virtual currencies in Indonesia has been set up by companies from Indonesia and Japan.
The parties involved in the partnership are the International Cryptocurrency Promotion Organization (ICPO) and Pemerhati Bitcoin, and Blockchain Indonesia (PBBI).
Promoting Crypto Activities
The rationale behind the partnership is to promote cryptocurrency related activities, by giving hints and tips to the Indonesian government on different ways to formulate favorable regulations that will help cryptocurrencies soar to greater heights, and to cause a possible widespread adoption of cryptos in the country.
Also, this partnership will make the parties involved to give an in-depth analysis of cryptocurrencies, which will help potential investors have the right knowledge on how to go about future investments in virtual currencies.
”The purpose of the collaboration is because of the decentralized nature of Bitcoin, [which] has no definite rules, thereby leading to this new cooperation, that will give input to the government regarding what the rules will look like,” said PBBI chairwoman, Erwin Hadiyanto.
Massive Future Adoption of Cryptos in Indonesia and Japan
According to Hadiyanto, about 60 percent of the total numbers of people that have used Bitcoin since its inception is from Japan.
The knowledge Japanese have about the crypto space will contribute positively to the project, and it will cause a widespread adoption of cryptocurrencies in Indonesia thereby leading to the rise in the price of virtual currencies globally.
‘’This positive development will help transfer knowledge, especially in providing input to the government both regarding technology, and legal instruments related to cryptocurrency technology,” Erwin concluded.
Do you think this partnership is the right call for the Indonesian crypto space? We would love to know your opinion.Never miss out on our daily crypto news, stories, tips, and price analysis. Join us on Twitter | Telegram | Facebook or subscribe to our weekly Newsletter.