The Faculty of Administrative Sciences, University of Indonesia (FIA UI) collaborated with the FIA UI Alumni Association (Iluni) to explore in detail about cryptocurrencies in terms of monetary and security through the FIA UI Talkshow with the theme Cryptocurrency: The Present Future and Policy to Realize It, Thursday (24/24). 3/2022) noon.
The event started with the opening of the Head of the Department of Commerce Administration, Dra. Novita Ikasari M.Comm, Ph. D and by saying that this activity is the closing of the 7th FIA UI Anniversary which started on March 8, 2022 which is a collaboration between FIA UI and FIA UI Iluni.
“I am proud that FIA UI is only 7 years old, but the achievements are many and good. We support FIA UI to get bigger and bigger so that it can become a well-administered institution. Have a good discussion,” said the Head of Iluni FIA UI, Sita Dewanto.
The event then continued to a talk show moderated by Haidar Ali who is a graduate of Administrative Sciences FIA UI by introducing the speakers who will fill the material on this talk show. The first resource person was Mr. Oham Dunggjo, CEO of BTRIPS and Fromer Chairman of the Indonesian Blockchain Association (ABI), who explained the meaning of cryptocurrency.
“Cryptocurrency is simply a means of payment that is secured by crypto. In Indonesia, its name has become a crypto asset because of the legality of the official currency using rupiah as a legal currency for transactions, while crypto is not real. So that crypto is categorized as a commodity or asset by CoFTRA so that it can be traded,” he said.
Furthermore, Mr. Oham explained that the benefits obtained from cryptocurrency investors are from the value of technology because the blockchain system is strong from cyber security crap so it is more secure. However, he continued, cryptocurrency will be difficult to use as a means of payment because the blockchain system cannot be controlled by the state.
After Mr. Oham delivered his material, Dr. Wing W Winarno MAFIS, Ak. C.A, the Jogja Smart Province Implementation Consultant Team, gave an explanation of a simple blockchain technology where when recording a record it will be linked to the previous record in sequence so that this system cannot be broken after several years.
“So cryptocurrencies are only a small part of the blockchain. In terms of transaction security, many systems have been used. If it is safe in terms of the exchange rate, the problem here is because the value is very volatile. Very easy come and easy go and for young people be careful because everything has a risk. For crypto investments, use idle money,” he explained.
The third speaker, Mr. Ardy Sutedja, who is the Chairman of the Indonesia Cyber Security Forum (ICSF) continued the presentation by reminding that people must remember that technology is never safe. Moreover, there are many people who only discuss the benefits and do not discuss the risks.
“It’s not the creation of the nation’s children, so there are gaps in technology that we don’t fully understand. To start all kinds of things related to technology, we need digital literacy first,” he said.
Mr. Ardy also added that several countries stated that crypto was a national security threat because of the potential for currency disorganization which would affect the country’s economy.
The fourth speaker, Tirta Karma Sanjaya, Bureau of Market Development and Development at the Commodity Futures Trading Regulatory Agency (CoFTRA), then closed the presentation session by saying that Indonesia does not want to be left behind in using digital devices so that banks create blockchain-based digital currency banks because this will so cart to walk forward.
After the presentation of the material, the event continued to a discussion or question and answer session where there were many participants who asked questions about the material this time. One of them was a person who asked about the role of the Financial Services Authority (OJK), Bank Indonesia (BI) and CoFTRA in education about Cryptocurrency.
“Of the 12 ministries/agencies in Indonesia, including CoFTRA, they are included in the Investment Alert Task Force. So that all matters relating to investment are supervised by the Task Force. In addition, the Task Force is also tasked with mitigating which in this case BI plays a role in payments in the crypto payment system. Bap[eti performs supervision, and OJK as the service provider of banking services. So each has a role to provide facilities for the community,” he concluded.