Category Archives: Asosiasi Blockchain Indonesia

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Asia is Buoyant, New Crypto Exchanges Set for Hong Kong, Korea, and Indonesia

While 160 crypto exchanges wait to enter the Japanese market, elsewhere, the market is turning more buoyant, as Hong Kong, Korea, and Indonesia are poised to become home to new exchanges. Bitone Trade HK, Huobi – Indonesia, and South Korean Probit have all announced that they are opening exchanges.

Hong Kong is particularly buoyant in the blockchain industry at the moment and is feeling the pinch in the sector with a lack of qualified professionals to fill positions. A “talent list” has been issued by The Government of the Hong Kong Special Administrative Region in which it states that it needs “quality people from around the world in a more effective and focused manner to support Hong Kong’s development as a high value-added and diversified economy”. Among the 11 professions on the new list are those with DLT skills.

The latest exchange, Bitone Trade HK will support 30 cryptocurrencies with plans to eventually list more than 100 coins. The company commented:

“Our platform is launched in Hong Kong which is Asia’s international financial center and we provide customers with stable and secure services. Mainly for the Asian market, our goal is to achieve a monthly transaction volume of US$5 billion”

Indonesia may not be one of the markets that spring to mind when the word cryptocurrency drops into a conversation, but the industry is beginning to express itself in South East Asia and forging its own way. The world’s fourth most populous nation has just launched its first formal blockchain association — Asosiasi Blockchain Indonesia (ABI), boosting hopes that the Southeast Asian country may yet embrace blockchain technology.

Huobi Indonesia built on the Huobi Cloud platform will list 123 coins on its new exchange. Currently, the platform lists three base cryptocurrencies: USDT, BTC, and ETH.

South Korea and Japan are considered the crypto powerhouses in the region and never run out of crypto news. Its latest exchange, soon to be launched Probit will list 157 currencies and plans to support eight languages on the platform. The bonus for users is the platform’s heightened levels of security, ensuring that more than 95% of digital assets are stored in a cold wallet supported by hardware keys and software double authentication. The company assures its clients that their “goal is to provide a virtual currency trading platform with the highest level of security.”

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Indonesia’s First Blockchain Association Launches, Pushes For Fintech Regulation

The world’s fourth most populous nation today launched its first formal blockchain association, Asosiasi Blockchain Indonesia (ABI), at a press conference in the capital, boosting hopes that the Southeast Asian country may yet embrace blockchain technology.

Formed by six blockhain-related organizations with operations throughout the archipelago, the association aims to facilitate the adoption of blockchain technology in Indonesia by accelerating understanding, utilization, advancement and technological inventiveness in relation to the fourth industrial revolution.

Advocating structured blockchain regulation

During the press conference, it said that its early focus will be to work together with government and non-government institutions to assess, formulate and advocate policies for regulatory systems that would support blockchain development.

ABI supervisory board member Yos Ginting explained that despite its huge potential in Indonesia, blockchain companies operating in Indonesia currently faced challenges with the lack of a formal regulatory system relevant to modern financial technology: “This organisation was formed in order to become a platform for industry players so that they can serve as partners for the regulator and government in figuring out the most beneficial regulation.”

Its founding members are Blocktech Indonesia, Blockchain Zoo, INDODAX (formerly bitcoin.co.id, the largest exchanger in the country), Indonesian Blockchain Network, exchanger Luno, and Point-of-Sale (PoS) network PundiX.

Spreading awareness about blockchain benefits

ABI interim chairperson, also INDODAX CEO, Oscar Darmawan, acknowledged that blockchain technology and  cryptocurrency had an unclear status in Indonesia, with much of its society still having misconceptions about the two.

Despite Bitcoin getting negative press in the country in late 2017 when central bankers warned about its threat to the national currency, issuing bans on Bitcoin transactions, Darmawan said that more government agencies are looking into blockchain solutions to implement in business operations.

“The association aims to list industry players who are implementing the technology in Indonesia, so that we can build it into data that we can offer to the government,” he said.

Earlier in January, Bank Indonesia was reported by national daily Kompas to have been working on issuing a blockchain-based digital payments system to improve efficiency, while national postal service Pos Indonesia launched a current account service app built on blockchain, Digiro.in.

ABI is a member of the Indonesian Chamber of Commerce (KADIN Indonesia).

 

 

 

 

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