Supervised by OJK, the Crypto Industry Will Be Equivalent to Banking

Liputan6.com, Jakarta – The Financial Services Authority (OJK) will be the institution that supervises the crypto industry from previously being in the hands of the Commodity Futures Trading Supervisory Agency (Bappebti). Currently, OJK is forming a special division for the crypto industry.

Indodax CEO Oscar Darmawan explained that the transition of supervisory authority from Bappebti to OJK makes crypto have the potential to be recognized as a financial institution equivalent to banks. This potential expands the use of crypto assets, where previously crypto was considered a trading instrument.

“In this context, technology blockchain offers significant advantages in transparency and security. Every transaction using crypto is permanently recorded in the network. blockchain, “facilitate a more effective audit and supervision process by regulatory authorities such as OJK,” said Oscar in a written statement, Monday (1/7/2024).

Apart from that, the easy accessibility of crypto is also an added value for managing and storing their own assets with full control without the need to go through company or bank intermediaries. He said that NASDAQ, the stock exchange in the United States, had used it blockchain which is cheaper.

Oscar added, all the technology used blockchain has a clear digital footprint. This makes crypto difficult to use for money laundering and corruption.

“Crypto transactions are easy to trace because there are digital traces that cannot be erased, even though they occurred several years ago. This makes it easier for the Corruption Eradication Commission (KPK) and other law enforcers to monitor and take action against violations,” he said.

Moving forward, Oscar suggests continuing to learn about blockchain and also learning to invest using the Dollar Cost Averaging (DCA) technique. He claims that DCA is a recommended investment strategy in crypto to minimize risk and optimize potential profits.

“Everyone has the opportunity to be part of this digital financial ecosystem. In the crypto ecosystem, there are no geographical restrictions or minimum balances to start investing,” he concluded.

Reporter: Sulaeman

Source: Merdeka.com