Bambang Soesatyo, Chairman of the MPR RI, once again expressed his support for the crypto ecosystem in a release published on the official MPR website on November 1. He showed support for the initiative of the younger generation who are members of the National Crypto Institute (IKN) to create BlackStone Wallet, the first crypto wallet from Indonesia.

In his official statement, the chairman of the MPR, who is often called Bamsoet, noted the increase in crypto adoption in Indonesia. Referring to Chainalysis data, Indonesia is currently ranked seventh in terms of crypto asset adoption, ahead of countries such as Pakistan, Brazil and Thailand. Bamsoet emphasized that the data reflects the huge potential of the crypto market in Indonesia.

Despite its new status, the number of crypto asset investors has exceeded investors in the Indonesian capital market. Data from the Indonesian Central Securities Depository (KSEI) shows that as of September, total capital market investors reached 11.72 million people, while in the same period, total crypto customers reached 17.91 million.

"Over the past year alone, the accumulated transaction value of crypto assets continued to grow with fantastic capitalization, reaching IDR 305 trillion. If managed well, it is very possible for Indonesia to become a crypto hub in the Southeast Asia region. "In this region, Indonesia is competing fiercely with Vietnam, the Philippines and Thailand," explained Bambang Soesatyo.

According to him, the significance of the crypto market in Indonesia can be interpreted as economic potential, both as an investment opportunity and an alternative source of income for the country. Apart from that, this potential can also be considered as a driver for developing the national economy, which will ultimately strengthen Indonesia's role in the regional economy.

Therefore, Bamsoet expressed support for the IKN community's initiative in developing the crypto market in Indonesia. Apart from creating a crypto wallet, IKN is also working on a cryptocurrency project called BlackStone Token. Not only that, this community is also actively working on a stablecoin project called Oeang Republik Indonesia (ORI).

"The phenomenon of crypto as an investment instrument which can also be a transaction tool in several countries has presented a new paradigm in the financial sector. "This condition is supported by the development of digital technology which has penetrated and increasingly influenced all dimensions of life, becoming part of the almost unstoppable flow of civilization," added Bamsoet.

Apart from that, Bamsoet also highlighted Indonesia's opportunity to become a crypto center, facing competition from countries such as Singapore and Hong Kong.