The Governor of the Indonesian Province of West Java, Ridwan Kamil and famous Bitcoin global advocate and JAN3 CEO Samson Mow, revealed in a fireside chat titled “The Indonesia Bitcoin Mining Campaign” that the Indonesian government is researching various ways in which the adoption of bitcoin in the country will 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 can change 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 will grow by half a million every year.
In addition, the Governor touched on how bitcoin will bring financial technology to people in his country who currently do not have access to that. “Bitcoin is a solution in my opinion to the unbanked parts of my society,” he explained. “40% of my people are unbankable.”
Another topic that was touched on was the recent introduction of an Omnibus bill that allows 100% foreign investment in renewable energy projects of more than 1 MW. This bill could lead to more investment and attention in the region. “Come to Indonesia, let’s have this big reserve of renewable energy dedicated to the bitcoin mining business,” said Governor Kamil.
Mow pointed out the opportunity that exists for Indonesia, saying “The first [countries] who adopt bitcoin in a meaningful way have a huge advantage. Afterwards, Governor Kamil asked how the bitcoin bond works in El Salvador. Mow replied that “Bonds can finance the construction of new energy infrastructure… Indonesia can also have a volcano bond.”
Overall, the speech showed that Governor Kamil is cautiously optimistic, and that he sees bitcoin as a potential game changer for his country’s economy and the livelihood of his people. As a country that has access to large amounts of renewable energy and a large portion of the population is unbanked, it seems ripe for bitcoin adoption.
“The new generation is buying Bitcoin as a reserve,” concluded Governor Kamil. “Hopefully Indonesia will become a Bitcoin heaven in the future.”