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Indonesia Plans to Boost Economic and Social Development with Bitcoin Mining

Indonesia has different natural resources that it can harness for clean energy generation, such as geothermal and hydroelectric power.

The Indonesian government is exploring different ways it can harness the potential of Bitcoin mining to boost its economic and social development. This was stated by Governor of West Java Province Ridwan Kamil while attending “The Indonesia Bitcoin Mining Campaign” conference with Samson Mow at the Bitcoin 2023 conference in Miami, Florida. .

According to Kamil, the country has several assets to take advantage of the opportunities offered by the cryptocurrency industry, including Bitcoin mining.

Indonesia has great potential for sustainable energy

Cryptocurrencies can fuel the transformation of the Indonesian energy market, which he classifies as the second country with the highest geothermal potential of the world and which has about 800 rivers for the production of abundant hydroelectric power. According to Kamil, the country also supports foreign investors who focus on clean and renewable energy generation.

Indonesia could redirect some of this clean energy production to Bitcoin mining, to promote its development in a sustainable manner, 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 and be a catalyst for the country’s digital transformation. Currently, Indonesia’s population has a high percentage of unbankable people, nearly 40%, according to the Governor of West Java.

Similarly, last year, Indonesia’s Deputy Minister of Commerce, Jerry Sambuaga, commented on how cryptocurrencies could help the country’s economic growth, if regulated as commodities and integrated into the trading market. ‘export. “Indonesia is happy to have a lot of raw materials to export. And we can take advantage of this opportunity to make cryptocurrencies one of the potential products to export”, commented the vice-minister during an interview with CoinDesk last September.

Over 12 million people use cryptocurrencies

Cryptocurrencies have gained a lot of ground in Indonesia, one of the countries where the adoption of crypto assets has increased 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 assetssaid Governor Kamil. Currently, around 12 million people in Indonesia own crypto assets, making the country one of the fastest growing crypto asset markets.

Governor Kamil reported that 70% of people who have investments in cryptocurrencies own Bitcoin, the most capitalized and popular cryptocurrency in the world.

Interest on El Salvador Bitcoin Bonds

On the other hand, according to Bitcoin Magazine, the governor of the Indonesian province showed interest in bitcoin bonds from El Salvador, during the interview with Mow. Kamil asked how these bonds work and what benefits they provide, to which Mow replied that they can help raise capital to finance the construction of new infrastructure, the outlet reported.

The Central American nation is promoting bitcoin bonds in an effort to incentivize bitcoin adoption and fund the construction of the first phase of its bitcoin city, as well as government investment in the cryptocurrency. Mow, a former Chief Strategy Officer at BlockStream, is a key driver of Bitcoin adoption in El Salvador and other jurisdictions.

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