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Indonesia could adopt the DeFi in the future

Summary

On the last day of the Indonesia Blockchain Week, speakers of high relevance in the DeFi scheme talk about how Indonesia could adopt the DeFi as a fundamental part of the country’s economy. The boom of decentralized finance (DeFi) that […]

On the last day of the Indonesia Blockchain Week, speakers of high relevance in the DeFi scheme talk about how Indonesia could adopt the DeFi as a fundamental part of the country’s economy.

The boom of decentralized finance (DeFi) that the crypto world is experiencing, has generated that traders and analysts trust these platforms more and want to adopt them.

For this reason, I will review all the discussions of this week’s conference. Speakers will evaluate during Thursday’s panel, how they could apply DeFi in Indonesia. And how this could benefit the population and the future of the country.

Meet the Indonesia Blockchain Week 2020

What are the benefits of DeFi and how could it work for finances in Indonesia?
Megain Widjaja, director of ICDX, answers these questions. He believes that the DeFi are still at an early stage where their influence on the economy is far from being fully realized.

And that a real application of decentralized finance will be seen in 5 to 10 years, according to his own criteria.

For, the main reason people seek to decentralize processes, is to make them more transparent and effective.

And this is the future that the speakers on the last day of the Indonesia Blockchain Week would like to see. For they believe that Indonesia could adopt the DeFi in its economic system.

The 3 critical areas that need to be improved to achieve this goal, according to Megain Widjaja
Widjaja considered that there are 3 critical areas which should be considered to answer this question. Since Indonesia still has a huge gap to fill, compared to other Southeast Asian countries.

The first area is focused on the education of the population. To make them aware of the opportunities that the Iq Option industry can bring to the country’s economy. Since the Indonesian citizen lacks much of the basic knowledge of their own finances. And interest in the same is relatively low.

The second area is the rate of innovation vs. the rate of regulation. This is something that Indonesia also needs to develop, according to Megain. Because the key to this is that there is a balance between the two factors.

And this, focused on understanding the DeFi seems „as if a sheet of paper is totally blank for Indonesia,“ Megain explained. To make it clear that innovation in the country has focused on other types of technologies, instead of the Blockchain.

The third area, when thinking about applying Blockchain technology and DeFi to Indonesia’s economy, is the ability of the country and its citizens to deal with the feeling of risk.

He explains this with the following question: „Who would be in charge of accounting for risk data to balance such risks in the economy in the future?

This needs to be analyzed, as he still believes Indonesia could adopt the DeFi in its economy.