Crypto(cryptocurrency) is a digital currency investment that is increasingly in demand by Indonesians. In its development, crypto assets often cause problems due to investor ignorance in conducting crypto asset transactions or trading.
In Indonesia, crypto is not recognized as legal tender, but it is officially recognized as an asset. For this reason, there is a need for education and literacy related to the crypto industry and consumer protection.
“It is hoped that we can boost joint capabilities, both physically, conventionally, and in the new economy to the digital economy.Many consumers today are buying just to follow the trend, without knowing the legality of the crypto tokens they own. On the other hand, the government has not accepted it as a payment system, but recognizes it as a traded commodity,” said Dr. Edmon Makarim, S.Kom., S.H., L.L.M., Dean of the Faculty of Law, Universitas Indonesia (FHUI) in a webinar organized by FHUI together with the Indonesian Consumer CommunityInternational Class), on Friday (23/09).
Dr. David M. L. Tobing as Chairman of International Class, Academician, and Practitioner delivered material on the need for profiling business actors that can be used as a reference for customers in order to minimize risks during transactions. In addition, due to the dynamic nature of technology, regulations must also be able to adapt quickly for cryptocurrency trading. A more complete and legally certain consumer dispute resolution mechanism must also be enforced.
“We have to make the consumer dispute resolution to make it easier for consumers to claim or dispute the problem. If there are things that arise and are not in accordance with the agreement, then the electronic agreement must also already be made really balanced between the interests of consumers and entrepreneurs, “said David.
Head of Market Development and Development Bureau, Commodity Futures Trading Supervisory Agency (Bappebti), Tirta Karma Senjaya, said there are four roles of Bappebti in overcoming illegal investment, First as a regulator, in regulating matters related to commodity trading and other derivatives in line with the development of science and technology and the needs of markets and business actors (including things that may or may not or are prohibited in the field of commodity futures trading (PBK). Second, as guidance in licensing business actors, developing tradable commodity contacts and limiting promotional materials. Third, as supervision of the implementation of PBK, physical markets (including crypto assets) which must comply with applicable regulations, and finally as enforcement.
Apart from the government, support from various stakeholders is also needed regarding the role of crypto asset consumer protection. Chairman of the Indonesia Crypto Consumer Association (ICCA), Rob Raffael Kardinal, said, “There are six roles of the association that have been carried out in the protection of crypto assets, namely providing information about the basis of crypto assets and the legal basis in Indonesia; providing education and providing input to regulators and legislators; helping to develop the crypto asset ecosystem through education, and workshops, and also incubation; encouraging Indonesia to become a hub and pilot center for crypto assets in Southeast Asia; providing legal assistance through the Legal Aid Institute (LBH) which has worked together to handle cases in crypto assets; and mediating and monitoring and checking crypto asset projects that are considered immobile and detrimental to consumers,” said Rob Raffael.
