After launching a government-backed cryptocurrency exchange, the Southeast Asian country has become a crypto startup hub that aims to be one of the leaders in Web3 technology, according to Indonesian blockchain and Metaverse executives.
At the recent Blockchain Economy Summit in Dubai, Cointelegraph spoke with Grace Sapender, co-founder of the Indonesian Blockchain and Metaverse Center (IBMC), and Toho Nugraha, director of the Indonesia Applied Digital Economy and Regulatory Network (IADERN). The executives spoke about the state of digital assets and blockchain and Metaverse adoption in Indonesia.
According to Sabandar, the country’s youth make up a large percentage of the country’s 270 million population, a demographic that is “adapting to new technology.” The CEO also noted that for this reason, the country has become one of the largest user bases in the world when it comes to Web2 social media apps like Facebook and Instagram.
For this reason, Sapender told Cointelegraph that the country is poised to be one of the leaders in adopting Web3. “We want to be pioneers, not just users of technology, because now, because of decentralization, anyone can do something, anyone can create something,” she said.
Sapender also stressed that IBMC is working with various sectors, including government, private sector communities, media and academia, to educate the country about Web3. She explained:
“That’s our homework, actually. To really educate people about the benefit of using blockchain, about transparency, about how smart contracts can benefit their business, what decentralization is, and things like that.”
Meanwhile, Nugraha, who serves as an advisor to the Indonesian government when it comes to its research on blockchain and metaverse technologies, said the government’s approach to Web3 technology is very collaborative.
The Indonesian government is working with several blockchain-focused associations to learn and conduct blockchain technology experiments to understand its implications in various sectors, the Cointelegraph executive said in an interview. “They want regulation to stimulate innovation rather than just wanting to give it away like a lot of rules,” he explained.
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Nugraha also revealed that the Indonesian government is planning to conduct trials on applying blockchain technology in public service use cases. According to the executive, the government will test the use of blockchain-based digital certificates for land ownership and competency certificates for the education sector.
He believes that with the inherent advantages of blockchain, applying the technology to certificates can combat certificate fraud and help the government verify the authenticity of different types of digital certificates using on-chain data.
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