Cryptocurency for the future
A study released by consulting firm Greenwich Associates revealed that more than 70 percent of financial institution executives surveyed believe that digital currency or cryptocurrency will have a place in the future. “They tell us that cryptocurrency will not disappear, the cryptocurrency will remain,” said the Vice President in Greenwich Associates’ Market Structure and Technology Group Richard Johnson.
That will lead to growth and innovation, even though many fail. As many as 10 percent of respondents believe that cryptocurrency will remain a peripheral class asset. While the other 10 percent said that strict regulations would eliminate cryptocurrency from the industry. This year is a difficult year to predict for the digital asset market. This is because digital currencies have fallen more than 70 percent from their peak in January 2018.
It is known that the US Trade and Securities Commission (SEC) rejected nine submissions for bitcoin trading last month.
The potential use of cryptocurrency or cryptocurrency in the form of bitcoin with blockchain technology in Indonesia is considered quite large. Some sectors are also said to be able to become the investment land. “The potential is numerous. For example, from our waters, fish. Mining such as coal, nickel, gold, and others,” said Chairman of the Association of Bitcoin & Blockchain Indonesian Observer (PPBBI) Erwin Hadiyanto.
In addition, the infrastructure also called Erwin allows it to be a sector that is used as an investment land using bitcoin. Erwin added, entrepreneurs see these sectors as business opportunities to invest in bitcoin because they have a lot of natural resources (SDA) in Indonesia. “If you see employers, then the world needs for natural resources is very large, especially in other countries there is still little investment in this sector. So we try to dig it,” Erwin continued. Therefore, Indonesia cooperates with Japan to realize the plan. In addition, it is also easy to establish regulations regarding crypto currency and blockchain.
The cooperation was signed between PPBBI and International Crypto Currency Promotion Organization (ICCPO). “The purpose of this collaboration is primarily that while bitcoin has no definite rules and with this collaboration we are expected to be able to give input to the government regarding what the rules will be,” said Erwin. In addition, another goal of this collaboration is to learn as well as increase knowledge about the management of crypto currencies including bitcoin which has been done so far.
Erwin added, Japan’s experience as one of the pioneer countries in using crypto currencies is expected to be able to provide assistance related to infrastructure and blockchain technology. Because, the development of cryptocurrency including bitcoin using blockchain technology is increasingly widespread. About 10 million people have used bitcoin worldwide and 60 percent of them are in Japan.