The Indonesia Bitcoin Conference 2023 is set to take place on October 26-27 at the Prime Plaza Hotel in Bali, bringing together a diverse group of individuals interested in Bitcoin’s potential to revolutionize the financial industry.

With over 40 speakers, the conference will offer attendees the chance to engage with top minds in the field, including Jack Dorsey, Chairman of Block Inc., Stephan Livera, Head of Education from Swan Bitcoin, Alex Gladstein, CSO of Human Rights Foundation and Samson Mow, CEO of Jan3.

Activities such as expert panels, keynote speeches, bazaars and exhibitions will be featured at the event. Additionally, a Lightning hackathon will be held prior to the conference, aiming to bring developers together to learn about and innovate on Lightning Network apps. The hackathon will have a total prize of $10,000 and is expected to encourage collaboration and showcase the network’s potential for usability and scalability.

Dea Rezkitha, the conference organizer, expressed excitement about the event, saying “We’re excited to bring together bitcoin enthusiasts for the Indonesia Bitcoin Conference 2023. Bitcoin has the potential to transform the financial industry and create new opportunities for individuals and businesses.”

Bali, known for its breathtaking beaches and vibrant culture, serves as an ideal backdrop for the conference.

For more information about the conference, including the full list of speakers and schedule of events, individuals are encouraged to visit the official conference website at www.indonesiabitcoinconference.com.

Disclaimer: BTC Inc is a media partner of the Indonesia Bitcoin Conference.

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Governor of the Indonesian Province of West Java, Ridwan Kamil and prominent Bitcoin global advocate and JAN3 CEO Samson Mow, revealed in a fireside chat titled “The Indonesia Bitcoin Mining Campaign” that the government of Indonesia is researching various ways in which bitcoin adoption in the country could benefit its people.

Governor Kamil explained the specific environment that makes Indonesia a potential major player in the bitcoin mining space, saying “[Indonesia has] the second most geothermal potential in the world — more than 800 rivers with hydropower. As bitcoin allows the transformation of energy into money, bitcoin could be transformative for indonesia”

He also explained that the country is already on a steady path towards adoption, with more than 12 million cryptocurrency investors, 70% of which are invested in bitcoin. According to Governor Kamil, this number grows by half a million a year.

In addition, the Governor touched on how bitcoin could bring financial technology to people in his country who currently do not have access to that. “Bitcoin is a solution in my opinion to unbankable parts of my society,” he explained. “40% of my people are unbankable.”

Another topic touched on was the recent introduction of an Omnibus bill that allows for 100% foreign investment into renewable energy projects above 1 MW. This bill could lead to increased investment and attention in the region. “Come to indonesia, lets have this big reserve of renewable energy dedicated to the bitcoin mining business,” Governor Kamil said.

Mow touched on the opportunity at hand for Indonesia, saying that “The first [countries] that adopt bitcoin in a meaningful way will have a big advantage.” Afterwards, Governor Kamil inquired about the way that El Salvador’s bitcoin bonds function. Mow replied that “The bonds can finance the buildout of new energy infrastructure … Indonesia could have a volcano bond too.”

Overall, the talk indicated that Governor Kamil is cautiously optimistic, and that he sees bitcoin as a potential game changer for the economy of his country and the livelihood of his people. As a country with access to major amounts of renewable energy and large portions of the population unbanked, it is seemingly ripe for bitcoin adoption.

“The new generation is buying Bitcoin as a reserve,” Governor Kamil concluded. “Hopefully Indonesia will be a Bitcoin heaven in the future.”

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Indonesia is introducing a new national payment system as the country furthers its de-dollarization efforts and protection against “possible geopolitical consequences.” The new payment system will replace Visa and Mastercard in state-owned institutions and companies, a top central bank official said. “We expect that very soon it will become widespread.”

Indonesia Establishes New National Payment System

Indonesia will introduce a new national payment system that will replace Visa and Mastercard in state-owned institutions and companies, according to Dicky Kartikoyono, Bank Indonesia’s Head of Strategic Management and Governance Department. The central bank official was quoted by CNBC as saying Monday:

In accordance with the president’s plan, the transition to our national payment system is proceeding smoothly. We expect that very soon it will become widespread, including within state-owned enterprises.

The central banker explained that Indonesia’s decision to create its own payment system is “very timely,” emphasizing that Southeast Asian countries should establish “a safety cushion that will protect businesses and ordinary citizens” from increasing financial uncertainty in the West.

In March, Indonesian President Joko Widodo urged regional authorities to use credit cards developed by local banks instead of global financial conglomerates as a measure to shield transactions against any “possible geopolitical consequences.”

Dodit Proboyakti, a board member of the Indonesian Credit Cards Association, told Sputnik publication that Indonesia will apply what it learns from Russia’s experiences with its Mir payment system to its own payment system. The Russian government-backed Mir payment system gained much popularity after Western nations imposed heavy sanctions on Russia in response to its invasion of Ukraine.

Bank Indonesia Governor Perry Warjiyo recently said that Indonesia is following the BRICS economic bloc’s de-dollarization lead by diversifying its currency usage through the implementation of the local currency system. He noted that Indonesia has also made agreements with several nations to use local currencies in trade, including Thailand, Malaysia, China, and Japan.

Besides Indonesia, nine other Southeast Asian countries (Brunei, Cambodia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) recently agreed to “encourage the use of local currencies for economic and financial transactions.” The 10 countries are members of the Association of Southeast Asian Nations (ASEAN).

Meanwhile, the BRICS leaders plan to discuss a common currency at their upcoming leaders’ summit. The BRICS nations comprise Brazil, Russia, India, China, and South Africa. Many people believe that a BRICS currency will erode the U.S. dollar’s dominance.

What do you think about Indonesia setting up a national payment system to reduce the country’s reliance on Western countries? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.