Indonesia Organizes International Conference to Control Illegal Use of Bitcoin - Coindoo

Indonesia Organizes International Conference to Control Illegal Use of Bitcoin

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Oct 3, 2019
2 min reading time

The Indonesian government has organized an international summit to inform and educate legal experts on the proper use of Bitcoin and other blockchain-based digital assets.

The conference, which aims to curb illegal utilization of Bitcoin and other cryptocurrencies, will also make it easier for law enforcement agents to identify and deal with crypto-related crimes. According to reports seen by a media outlet, other countries involved in the conference, apart from Indonesia, are Turkey, Australia, Singapore, Thailand, Malaysia, Hong Kong, and Russia.

Conference Will Help Deal with Crypto Thieves

According to the reports, Indonesian authorities are hosting an eight-nation summit that aims to equip lawyers and other legal experts with the skills they need to identify crypto-based crimes, such as terrorism financing and money laundering among others.

The seminar is considered a direct response to the advancing rate of crypto-related crimes worldwide. The Bitcoin-friendly countries that are part of the conference will deliberate on various ways to deal with fraudulent activities in the blooming crypto space.

Speaking about the ongoing conference, Indonesia’s Deputy Attorney General, Dr. Armisyah, emphasized that cryptocurrencies and the revolutionary technology which support them will continue to grow at a rapid pace, never slowing down for government authorities and law enforcement agents to catch up.

It’s critical governments to collaborate and develop a solid defense system against bad actors in the industry that take advantage of the emerging technologies.

“Cross-border cryptocurrency crime must be seen as a common enemy, therefore it cannot be tackled partially by each country but must be prevented, fought, and eliminated holistically and together,” Dr. Arminsyah said.

Although, Indonesia has not authorized Bitcoin and other legal assets as legal tenders, the country has put in place a regulation that sanctioned cryptocurrencies as tradable assets. This allowed interested investors to start trading cryptocurrencies without falling prey to illicit plans organized by rogue actors in the industry.

Dr. Arminsyah is optimistic that the ongoing conference will instill collaboration between participants and trainees in the form of timely “information delivery, data, advice, and the provision of necessary facilities needed to fight crypto crimes.”

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