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| DEVELOPMENT OF BLOCKCHAIN IN INDONESIAN |
Executive Director,
Head of Policy and Supervision Department of Bank Indonesian (BI) Eni
Panggabean said the agency is exploring the possibility of developing bitcoin
drive technology in Indonesian.
Bitcoin drive
technology is known as blockchain. The form is a collection of notebooks called
blocks. Each block is protected by complex codes.
"The central
bank is looking at (blockchain technology) carefully, but there are
opportunities, but the risk is also great, now in the stage of stock-taking, or
see what can be done with the technology," Eni said when met after the
Digital World Financial Transformation seminar , in Jakarta, Thursday
(9/11/2017).
He added that
various world financial institutions such as the International Monetary Fund
(IMF) and the Central Bank of China (PBOC) have begun to look at the
development of blockchain technology.
Nevertheless, the
two institutions have still not decided to adopt blockchain technology because
it is still waiting and see the direction of the next development.
"We also have
fintech office, they do the study and deepening first because of this
(blockchain) is new, internally we update and make the study, we also regularly
discuss and cooperate with OJK," he said.
Just to be known,
although often affiliated with bitcoin, blockchain is a completely different
thing. Bitcoin itself is one of the products produced using blockchain
technology.
BI has a clear
attitude about bitcoin or cryptocurrency. The Indonesiann central bank stated
that it does not recognize financial transactions using bitcoin because of its
untracked and vulnerable nature of abuse.
In addition, BI is also working on regulations on financial technology.
Later there will be a regulatory sandbox, a kind of device for financial
technology can be tested and viewed its influence to the community, before it
is actually implemented.
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