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IOST officially invited to be Indonesian government consultant

By Inkarias - 2019-12-15

On Dec 13th, four representatives from BAPPEBTI visited IOST Beijing office as their first stop in China. BAPPEBTI , the Commodities and Futures Trading Regulatory Agency In Indonesia was launched in 2005. It functions as the sole agency regulating different types of financial entities as well as its crypto market. The BAPPEBTI comes directly under the supervision of the Ministry of Finance and is run by an administrative board of members represented by industry experts nominated by the Indonesian Government.

IOST CTO Terry and BAPPEBTI representatives had a two-hour meeting regarding the blockchain and crypto industry. Terry first gave a brief introduction about IOST, a scalable and decentralized blockchain project and original its consensus mechanism, the Proof of Believability. Cakra Buana, the Head of Administration Division also told Terry that as BAPPEBTI is working to improve its regulation on crypto market and enhance protection for traders. BAPPEBTI representatives clearly expressed their recognition for IOST technology and its business model, introducing a possible collaboration with IOST, where IOST can provide consulting services for the Indonesian government when conducting explorations in asset tokenization. BAPPEBTI also invited IOST to apply to be listed on exchanges in Indonesia.

A bigger opportunity for cryptocurrencies

BAPPEBTI officially shared that crypto assets like Bitcoin can now be traded legally, authorized by regulation №5/2019. This regulation is designed to protect citizens who want to invest in crypto-assets and provide legal assurance against possible thefts and frauds.

BAPPEBTI is now working to improve the process of evaluating and issuing licenses for exchanges and tokens that can legally operate in Indonesia to allow more currencies and increase general adoption. IOST has been chosen as the first stop in that way to bring the most innovative blockchains in the hands of common investors and general public.

More about IOST at https://iost.io/