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Bitcoin 2023: How Bitcoin might pave the way for economic progress in Indonesia
Bitcoin and Indonesia Rupiah banknotes.
Governor Ridwan Kamil of the Indonesian Province of West Java and Samson Mow, the CEO of JAN3 and globally renowned Bitcoin advocate, has unveiled the Indonesian government’s exploration of ways to harness Bitcoin for the benefit of its population. This was revealed during a fireside chat dubbed “The Indonesia Bitcoin Mining Campaign” at Bitcoin 2023.
Indonesia’s unique geographical and environmental conditions potentially position the country as a significant player in the Bitcoin mining industry. Governor Kamil remarked, “Indonesia has the second highest geothermal potential globally, complemented by over 800 rivers ripe for hydropower. Bitcoin’s capacity to convert energy into money could be transformative for Indonesia.”
The Governor further elaborated on the country’s steady progression towards cryptocurrency adoption. He revealed that there are already more than 12 million cryptocurrency investors in the country, with 70% of them putting their trust in Bitcoin. This number, according to Governor Kamil, is increasing by approximately half a million each year.
Beyond this, Governor Kamil addressed the potential of Bitcoin to bring financial technology to people in Indonesia who are currently without access. “Bitcoin could provide a solution for the unbankable segments of my society – 40% of my people,” he said.
In their discussion, they also touched on a recently introduced Omnibus bill that allows for complete foreign investment in renewable energy projects above 1 MW. This legislation could trigger a surge in investment and attention towards the region. Governor Kamil extended an open invitation: “Come to Indonesia, let’s dedicate this vast reserve of renewable energy to the Bitcoin mining business.”
Samson Mow seized the opportunity to highlight the potential advantages for countries like Indonesia that adopt Bitcoin early. He said, “The first countries that adopt Bitcoin in a meaningful way will gain a significant advantage.” Governor Kamil further inquired about the workings of El Salvador’s Bitcoin bonds. In response, Mow explained, “The bonds can finance the buildout of new energy infrastructure… Indonesia could also introduce a ‘volcano bond’.”
Summing up the discussion, Governor Kamil exuded cautious optimism about Bitcoin’s potential to revolutionise his country’s economy and improve his people’s living standards. With considerable renewable energy sources and a large unbanked population, Indonesia appears ripe for Bitcoin adoption.
“The new generation is buying Bitcoin as a reserve,” concluded Governor Kamil. “Hopefully, Indonesia will become a Bitcoin heaven in the future.”
