Does the Indonesian Government Need to Consider Bitcoin Reserves Like Russia?

Several countries have shown interest in Bitcoin reserves, one of which is El Salvador, and Russia which recently considered the same thing.

Several countries have shown interest in Bitcoin reserves, one of which is El Salvador, and another is Russia which recently considered the same thing.

However, there has been no official implementation from Russia regarding Bitcoin reserves.

Then, does the Indonesian government need to consider the same thing as Russia to do Bitcoin reserves?

Crypto analyst from Reku Fahmi Almuttaqin said that Indonesia does not need to rush to determine an asset to become a reserve for a country. Because according to him, the decision requires more complex considerations and comprehensive strategies.

"It will depend on the results of a study conducted by the Indonesian government. Crypto assets such as bitcoin are not for everyone, and crypto assets are also not just bitcoin," Fahmi told VOI on Thursday, December 12.

Moreover, continued Fahmi, Indonesia's foreign exchange reserves are still dominated by US dollars. So according to him, Indonesia still has to adjust to the local economic context which still relies heavily on international trade based on fiat currency such as dollars.

However, if planned carefully, Bitcoin Reserve can be a strategic step to diversify foreign exchange reserves while at the same time encouraging the acceleration of digital transformation.

"Indonesia has the potential to become a pioneer in東南アジア for crypto asset reserves. However, this decision must be supported by strong economic fundamentals and clear regulations," he concluded.

Meanwhile, Tokocrypto Trader Fyqieh Fachrur also said that this decision must be adjusted to the local economic context which still relies heavily on fiat currency-based international trade such as dollars.

According to him, if Indonesia wants to follow in Russia's footsteps by making Bitcoin a national reserve, then Indonesia must prepare several things.

Starting from building clear regulations, strengthening the blockchain ecosystem, and increasing public understanding of the benefits and risks.

"Indonesia still has a lot of homework to do before making bitcoin a national reserve. But if it is prepared carefully, this step can be a strategic move to diversify foreign exchange reserves and accelerate digital transformation," he explained.

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