Indonesia has a variety of natural resources that can be harnessed for clean energy production, such as geothermal and hydroelectric energy.
The Indonesian government is studying the different ways in which it can harness the potential of Bitcoin mining to boost its economic and social developmentThis was stated by the Governor of West Java Province, Ridwan Kamil, during his participation in the talk “The Indonesia Bitcoin Mining Campaign”, alongside Samson Mow, at the Bitcoin 2023 conference in Miami, Florida.
According to Kamil, the country has several advantages to take advantage of the opportunities offered by the cryptocurrency industry, especially Bitcoin mining.
Indonesia has great potential for sustainable energy
Cryptocurrencies can drive the transformation of Indonesia's energy market, which it classifies as the second country with the greatest geothermal potential of the world and has about 800 rivers for the production of abundant hydroelectric energyAccording to Kamil, the country is also supporting foreign investors who are focused on the production of clean and renewable energy.
Indonesia can redirect some of this clean energy production towards Bitcoin mining, to to promote sustainable development, attract new investments and improve the quality of life of its inhabitants.
In line with this idea, the governor of the Indonesian province also highlighted the potential that Bitcoin and cryptocurrencies have to boost financial inclusion of its citizens.
Kamil noted that digital assets could bring great benefits to Indonesians, as well as being a catalyst for the country's digital transformation. Currently, Indonesia's population has a high percentage of unbanked people, around 40%, the West Java governor said.
Last year, Indonesia’s deputy trade minister Jerry Sambuaga had also commented on how cryptocurrencies could contribute to the country’s economic growth if regulated as commodities and integrated into the export market. “Indonesia is eager to have a lot of commodities to export. And we can take this opportunity to make cryptocurrencies one of the potential products for export,” the deputy minister said during an interview with CoinDesk last September.
More than 12 million people use cryptocurrencies
Cryptocurrencies have gained significant ground in Indonesia, one of the countries where the adoption of crypto assets has grown significantly in recent years.
Although the use of cryptocurrencies as legal tender in the country is prohibited by the Central Bank, Every year half a million people decide to invest in digital assets, Governor Kamil noted. Currently, around 12 million people in Indonesia are crypto holders, making the country one of the most dynamic crypto markets.
Governor Kamil said that 70% of people who have investments in cryptocurrencies own Bitcoin, the most capitalized and popular cryptocurrency globally.
Interest in El Salvador's Bitcoin bonds
On the other hand, according to Bitcoin Magazine, the governor of the Indonesian province showed interest in El Salvador's Bitcoin bonds during the conversation with Mow. Kamil asked how these bonds work and what advantages they offer, to which Mow replied that they can help raise capital to finance the construction of new infrastructure, the media indicated.
The Central American nation is pushing Bitcoin bonds with the aim of incentivizing Bitcoin adoption and funding the construction of the first phase of its Bitcoin City, as well as government investment in the cryptocurrency. Mow, former chief strategy officer at BlockStream, is one of the Key drivers of Bitcoin adoption in El Salvador and other jurisdictions.
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