Jokowi highlighted that money laundering using crypto is easier to track

Liputan6.com, Jakarta – President Joko Widodo (Jokowi) highlighted the potential for money laundering from crypto assets. However, the crime of money laundering (TPPU) with cryptocurrency is considered a big mistake because it is easy to trace.

Previously, the Head of State revealed that there was a potential for TPPU through crypto assets amounting to USD 8.6 billion or the equivalent of IDR 139 trillion. This made Jokowi ask the Financial Transaction Reports and Analysis Center (PPATK) to be alert.

Responding to this, Indodax CEO Oscar Darmawan assessed that illegal actions such as money laundering using crypto assets were a big mistake. The reason, he said, is that ownership of crypto assets is very easy to detect based on the technology used.

“The use of crypto assets such as Bitcoin for money laundering can actually be easily detected. This is because the basic technology of crypto assets, namely Blockchain, has the ability to verify and trace every transaction. Therefore, this kind of illegal action can be revealed quickly,” said Oscar in his statement, Sunday (5/5/2024).

Furthermore, Oscar explained that the nature of the data bound in blockchain technology is a key factor in ensuring transparency and security. You could say that crypto assets are protected by a safe system.

“There are many advantages that can be obtained from Blockchain technology, such as a high level of security, greater transparency, the inability to change data, and increased efficiency. Apart from that, this technology can reduce operational costs and make it easier to track asset movements,” he explained.

Oscar highlighted Blockchain's transparency allowing users to monitor the flow of crypto asset movements, even though the available data is pseudonymous. Even though the identity of the owner is not directly available, transaction data is still recorded and can be traced, even after changing hands several times.