Jakarta –
The chairman of the MPR RI, Bambang Soesatyo, has pushed for the creation of a special law on the digital economy. Considering the current trend of the industrial world, which has been filled with digitalization, as well as the possibility of manual, natural, and mechanical activities becoming completely digital.
Bamsoet said that the restrictions on activities during the pandemic made the digital economy get a positive response from the public. This is also supported by the number of internet users in Indonesia, which until early 2022 reached 73.7% or 201.8 million people.
The Head of the Indonesian Chamber of Commerce and Industry’s Defense, Security and Law Enforcement Relations Agency This projection also assesses the growth of the digital economy in Indonesia can be the key to post-pandemic economic growth. In fact, the East Ventures Digital Competitiveness Index 2021 report projects that by 2025, the contribution of the digital economy to the Indonesian economy will reach US$ 124 billion.
“According to Bank Indonesia records, until January 2022 the value of electronic money transactions increased by 66.65% compared to last year, or around Rp. 34.6 trillion. Meanwhile, the value of digital banking transactions increased by 62.82% or more than Rp. 4,314 trillion. Even this year “Indonesian e-commerce transactions are predicted to reach IDR 530 trillion,” said Bamsoet in his statement, Tuesday (22/2/2022).
He conveyed this when giving a keynote speech in the seminar ‘The Phenomenon of Trading Robots, Crypto Assets, and Payment Systems in Indonesia’, in Jakarta, Tuesday (22/2).
On this occasion, the 20th Chairman of the Indonesian House of Representatives explained that the Ministry of Trade had given permission for 229 crypto assets to be traded. This is stated in the Regulation of the Commodity Futures Trading Supervisory Agency (BAPPEBTI) Number 7 of 2020 concerning the Determination of the List of Crypto Assets that can be Traded in the Physical Crypto Asset Market.
In this case, continued Bamsoet, the presence of crypto assets that can be used for virtual transactions has advantages in terms of speed, time and cost efficiency. In addition, crypto assets are also classified as secure because they are protected by blockchain technology which is difficult to hack.
“Today, Indonesia is also the largest crypto market in Southeast Asia, with a capitalization figure of around Rp. 900 trillion, and the number of investors reaching 11 million people. Likewise, the use of trading robots that help traders automate trading, as well as carry out functions as futures advisors ( trading advisor). For example, to adapt and change strategies by adjusting to market changes, increasing the effectiveness of trade executions more quickly, and performing stop losses or cut losses to limit the risk of loss, “he explained.
The Deputy Chairperson of SOKSI also added that apart from offering advantages, the use of crypto assets and trading robots requires adequate financial literacy. This is because there are many illegal investment offers under the guise of trading robots, which can make people vulnerable to various modes of fraud. Especially now that people do not fully understand the business processes of the trading robot industry and crypto assets.
In addition, the lack of supporting infrastructure such as the existence of a crypto exchange can also increase the risk of fraud in the community. Therefore, Bamsoet mentioned the need to prepare infrastructure for regulating and supervising crypto assets or digital assets, including trading.
“Considering that many people have become victims. For example, in January last year it was revealed a case of illegal investment in medical equipment capital injection which caused hundreds of people to become victims with a total loss of more than IDR 1.2 trillion. Another example is the alleged fraud case under the guise of Binomo binary options trading. which is classified by the Police as an online gambling application, in which out of 8 victims who reported it, the total loss was recorded at Rp. 3.8 billion. This is only data from two cases, and only calculated from victims who have reported. It is estimated that there are still many other cases and there are still many victims who have not reported,” he said.
The rise of fraud cases under the guise of investment, said Bamsoet, the public needs to get education, socialization, and coaching. This includes repressive measures that provide a deterrent effect on perpetrators.
Bamsoet also said that all parties also need to support the Investment Alert Task Force, which stopped 17 ‘illegal’ trading robot entities, and 69 trading crypto assets without permission. In addition, support is also needed for the National Police, which has been firm and responsive in following up on reports of public complaints.
“Referring to previous experience, we will find the fact that it turned out that fraud under the guise of investment did not just happen recently. During the period from 2011 to 2021, it is estimated that the total loss due to fraudulent investments will reach Rp. 117.4 trillion. This is a very fantastic record. It implies that there must be concrete and efficient reform measures, including making a special law on the digital economy, to prevent more people from becoming victims,” concluded Bamsoet.
For information, the event was also attended by, among others, Member of the Indonesian House of Representatives Commission XI Mukhamad Misbakhun, Member of the Indonesian House of Representatives Commission X Robert J Cardinal, Chairman of the Investment Alert Task Force Tongam Lumban Tobing, Head of the 1A Capital Market Department of the Financial Services Authority Luthfi Zain Fuady, Director of Crime Economics and Special Bareskrim Polri Brigadier General Whisnu Hermawan Februanto, Head of Legislation and Enforcement Bureau for Commodity Futures Trading Supervisory Agency (BAPPEBTI) Aldison, and Secretary General of the Indonesian Direct Selling Association (APLI) Ina Rachman.
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