Indonesia does not regard Bitcoin as an important national asset for several complex reasons involving economic policy, regulation, and socio-economic conditions that differ from El Salvador. Here is the explanation:$BTC
1. Monetary Stability and Central Bank Authority
- Bank Indonesia (BI) is tasked with maintaining the stability of the Rupiah and inflation. Bitcoin, with high volatility (price changes ±10-30% in a day), is considered risky for disrupting monetary stability.
- El Salvador uses the US Dollar as its official currency, so Bitcoin adoption does not conflict with national currency policy. Meanwhile, Indonesia has the Rupiah, which needs to maintain its sovereignty.
2. Regulation and Legal Risks**
- The Financial Services Authority (OJK) and BI classify Bitcoin as a **commodity**, not a legal tender. Crypto transactions are allowed for investment, but are not recognized as legal tender.
- El Salvador has a more flexible legal system and minimal international pressure, while Indonesia must comply with global standards such as FATF (Anti-Money Laundering) which requires strict oversight of crypto assets.
3. Financial Inclusion vs. Social Risks
- El Salvador (where 70% of the population lacks bank access) uses Bitcoin to enhance financial inclusion.
- In Indonesia, financial inclusion programs focus on **local fintech** (e.g., QRIS, digital wallets) that are more controlled and have minimal speculative risk.
4. Technology Infrastructure and Education
El Salvador builds supporting infrastructure (e.g., Bitcoin wallet "Chivo", crypto ATMs) and mass education.
- Indonesia still faces digital and financial literacy gaps. National adoption of Bitcoin could potentially be exploited for fraud or bogus investments.
5. Geopolitical and Economic Considerations
- El Salvador (GDP ±$30 billion) finds it easier to take risks with Bitcoin to attract foreign investment and blockchain technology.
- Indonesia (GDP $1.3 trillion) has a more diversified economy. Monetary policy should prioritize the real sector, MSMEs, and energy resilience, rather than speculative assets.
6. Response to Crisis
- El Salvador uses Bitcoin to reduce dependence on the US Dollar and remittance transfer costs (20% of their GDP comes from remittances).
- Indonesia does not have a similar urgency because the banking and remittance systems are already well integrated.
*Conclusion*
El Salvador takes bold steps due to specific conditions: dependence on remittances, lack of its own currency, and the need to attract global attention. Meanwhile, Indonesia prioritizes **stability, strict regulation, and development based on the real sector**. Bitcoin remains allowed as an investment instrument, but it will not become a state asset in the near future due to systemic risks that do not outweigh its benefits.
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