🚀 Crypto Gold Rush in Indonesia? 🚀

by

It seems the land of a thousand islands, Indonesia, is about to become the land of a thousand crypto opportunities. At least, that’s what Mohammed AlKaff AlHashmi, co-founder of HAQQ Network, thinks. In an exclusive interview with crypto.news, he spilled the beans about Indonesia’s potential as a crypto hub after receiving regulatory approval for the HAQQ’s native token from the country’s FSA.

Indonesia, currently ranked as the third-highest country in terms of crypto adoption, according to Chainalysis, is like a sleeping giant waiting to be awakened. Less than 8% of the population holds crypto, but with regulatory supervision being transferred to the FSA from its Commodity Futures Trading Agency, the stage is set for a crypto explosion.

AlHashmi, the co-founder of HAQQ Network, a layer1 permissionless blockchain that’s fully compliant with Sharia laws, told crypto.news that Indonesian regulators gave the HAQQ Network’s coin, the Islamic Coin or ISLM, the stamp of approval just last week. The token is already available on local Indonesian crypto exchange, Indodax.

“If I’m successful in Indonesia and my protocol is accepted, I will be everywhere in the world. If my blockchain, coin or smart contracts are mostly adopted in Indonesia, which is the largest Muslim country in the world. I will have no barrier to enter other Muslim countries,” he explained, sounding like a crypto conqueror.

This is because AlHashmi believes that Indonesia will soon grow into the largest crypto hub in Asia. And why not? The Southeast Asian country has a “competitive edge” compared to other countries, thanks to its rapid economic growth and massive population.

“Indonesia is the largest Muslim country in the world, and compared to other countries and with all due respect I love them all, I respect them all, but still the population and the volume in Indonesia is incomparable really,” said AlHashmi, sounding like a proud parent.

Speaking from experience, he also highlights the smooth process his team went through to get regulatory approval from Indonesia’s Commodity Futures Trading Agency. The process was detailed, but quicker compared to other countries.

“First their knowledge and background in terms of Technology especially web 3 they’re very knowledgeable and people in their team have a very good background and history before they joined,” said AlHashmi. “Also I would say their regulations are flexible enough to enable project owners to do good business to protect the community as well,” he added, sounding like a satisfied customer.

AlHashmi and the HAQQ network team are currently in talks with the Indonesian FSA regarding their approval status, as the financial watchdog is poised to takeover crypto asset oversight from Commodity Futures Trading Agency.

“When we look at Indonesia as a market, I would say it is incomparable. It can be number one to be honest. Because I have seen statistics of growth happening in a very big volume. The volume of trade, transactions and users, I think Indonesia can be very soon one of the top 3 countries in the world.”

Mohammed AlKaff AlHashmi, co-founder of HAQQ Network

Untapped potential in Indonesia’s unbanked 🤑

According to the Indonesia Embedded Finance Business Report 2024-2029, around 74% of the population is unbanked or underbanked. This means a majority of Indonesian do not have access to traditional banking services. AlHashmi sees this 74% as an untapped market that could truly benefit from using the decentralized blockchain, especially one that implements a system that is compliant to Islamic laws.

Considering Indonesia has the largest population of Muslims worldwide with roughly 241.5 million, based on 2022 data, a lot of its citizens are skeptical of traditional banking systems due to religious reasons. Although some banks do offer Shariah-specific services, not all of them are easily accessible to the public.

“We have something unique on the blockchain, or in we developed it in a way to maintain the Sharia compliance there, which is called the Sharia Oracle, because we are a decentralized blockchain,” said AlHashmi.

HAQQ Network has already implemented a similar system in Brazil for halal food certification, indicating the food is prepared in a way that complies to Islamic law. As Brazil as the largest halal food export, the country has benefited greatly from HAQQ’s blockchain.

“We have done a pilot successfully in Indonesia, with different entities and the distribution and everything done in a very satisfactory way,” he said.

Expanding products for the Indonesian crypto

Read More

2025-01-31 09:11