Telkom and Its Crypto Ambitions

JAKARTADAILY.ID - After a rough go on entering the crypto market, PT Telkom Indonesia's subsidiary company, MDI Ventures, finally signed a deal with Binance Holding to establish a joint venture in Indonesia.

Through the joint venture, Binance will provide the infrastructure and management technology to assist in developing the new crypto platform, which will be available for over 170 million consumers in the country.

"With fast technology adoption and strong economic potential, Indonesia could become one of the leading centers of the blockchain and crypto ecosystem in Southeast Asia," said Binance founder and CEO Changpeng Zhao.

Zhao also expressed how elated Binance was to forge a partnership with MDI Ventures, mainly for their experience in the futures market. With the joint venture, Binance could continue to expand its global blockchain environment.

Also Read: What Are Penny Stocks?

Aside from that, the country has potential for cryptocurrency expansion. According to the data provided by the Commodity Futures Trading Regulatory Agency (BAPPEBTI), cryptocurrencies' transactional value in Indonesia can reach Rp 1.7 billion each day.

CEO of MDI Ventures, Donald Wihardja, considers the technology of Binance to be more stable, equipped with experience in transaction and banking. It is a means of "forging collaboration with one of the biggest players" in crypto technology today.

Director of Center of Economics and Law Studies (Celios) Bhima Yudhistira, however, is concerned with several potential issues, such as the non-existent law to regulate the venture, the high risk of crypto investment, and the ban regarding illegal investments, which include Binance, from the Financial Services Authority (OJK).

"Telkom and its entities shouldn't have meddled with crypto. Instead, they only need to invest and develop blockchain technology that can help build a stronger system for state-owned corporations," concluded Bhima in an interview with Bisnis.com on December 20, 2021.

Follow us on Google News