Indonesian authorities to consider creating a Bitcoin reserve
The office of the Vice President of Indonesia held a meeting with the organization Bitcoin Indonesia.
It is engaged in educational initiatives and promotes cryptocurrencies in the country.
Among other things, the parties discussed the creation of a bitcoin reserve, as well as its replenishment through mining.
The country has an electricity surplus, especially in the "green" sector.
The Indonesian authorities will consider the possibility of creating a bitcoin reserve, as well as mining crypto assets through hydro and geothermal energy. This was stated by the organization Bitcoin Indonesia.
According to its publication, activists were invited to the office of the vice president, where they gave a presentation on bitcoin and its potential for the country. The key topic was the use of mining as the main source of replenishment of the national bitcoin reserve.
"We considered a bold idea: using bitcoin mining as a national reserve strategy. Yes, seriously. Indonesia is exploring how bitcoin can help strengthen the economy in the long term," the publication says.
The presentation talked about how Indonesia could use hydro and geothermal energy to mine crypto assets. According to the Handbook of Energy and Economic Statistics of Indonesia, the country's green energy sector grew by 17.2% in 2024.
Bitcoin Indonesia also referred to the forecast of Strategy (formerly MicroStrategy) co-founder Michael Saylor about the growth of the Bitcoin exchange rate by 2045. Recall that the latter believes that the asset price will exceed the $13 million mark by that time.
The participants of the presentation left thematic literature as gifts. According to the official statement, the vice president's office supported the idea of promoting Bitcoin, as well as organizing educational initiatives.
However, later, when the story became public, the organization published an additional note. According to it, the presentation and discussion were unofficial, and the authorities have no specific plans to create a Bitcoin reserve, at least at the current stage.
It should be noted that Indonesia introduced a ban on crypto payments back in 2017. However, in 2019, digital assets were recognized as goods, which is a step towards more lenient regulation of the sector.
Since the end of July, Indonesia has increased taxes for crypto traders. Despite the tightening of rules, counterparties consider this a positive factor, since the authorities are trying to update the regulatory framework.