Every day I am reading news about the banks that are launching their tokens and the chain. This means the country which they are originating for has allowed them to move the financial assets on the chain. And they have given enough freedom to adopt the blockchain.
China, USA, India, Venezuela, Nigeria and many others have joined and established their own CBDC. And they are also making their own regulated digital asset systems too. And this process has made them adopt the blockchain in variety of systems integrated into the Govt.
Indonesian govt has decided to join the party. And they are inevsting into variety of the blockchain assets and the integration of the blockchain in govt system is on the way. That's not all even the metavese investments are at play.
So let's talk about govt role of adoption of crypto and blockchain.
Image Credit: crunchbase
Blockchain in Government Public Service Use Cases
Recently the team in Indonesia attended the Dubai event for the blockchain and metaverse summit. And they revealed a lot of new things that are going on with the govt in Indonesia. And they happen to make people aware that there are business and govt services that are going to be deployed on the blockchain.
It will first start from educating the new generation. And then they are going to be making the govt deploy some of the blockchain services in the public use case. And then they would be dealing with the obstacles for which they would come out and take the solution in global events like this and there will be exchange of resources.
Govt Regulation with Innovation in Indonesia
Indonesia has variety of the compliances planned. And there are teams like Indonesia Applied Digital Economy and Regulatory Network (IADERN) in the works. Such teams happen to work on variety of the new investments and the blockchain solution that could help the govt and the consumers using such services as well. So we have to think of the planned regulation properly there.
Indonesia Blockchain and Metaverse Center (IBMC) seems to be working pretty close with the govt on variety of the metaverse and the blockchain services that are going to be deployed into the indonesia in near future. I also feel the more staked the business from around the world get into their projects the more cashflow would move.
Youth Population and Blockchain Adoption
Unlike other nation, Indonesia knows that there is a strong adoption on the decentralized side of crypto. And they want to tap in this new generation's investment and get them into the compliance side. This way they want to get the population to not fall for the crypto scams and the rug pulls.
Another thing that board of the IBMC wants to tap in is the metaverse. Instead of joining the metaverses outside the nation, they feel the local metaverses should go abroad and get them to do more international trades which would bring cashflow. That's kind of the mindset any govt and the boards should follow in todays time.
IBMC being the ecosystem builder in Indonesia has the responsibility to educate people in the state for blockchain, assets, metaverse and other new technologies related to the blockchian. There would also be discussions on AI and the machine learning which happened in the Dubai summit that I plan on covering later. For now if you are from Indonesia, feel good that your nation is making the progress on blockchain systems.