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Discussion on Cryptocurrency at ASEAN Central Bank Governors Meeting in Bali

bbn/ASEAN National Secretariat/Cryptocurrency is a Topic of Discussion at ASEAN Central Bank Governors Meeting in Bali.

A meeting of financial officials in the ASEAN region as a continuation of the G20 Presidency, AFMGM, will be held in Bali from March 28th to 31st, 2023.

The meeting will be attended by several prominent figures, including Governor of BI Perry Warjiyo and Deputy Secretary-General of the Financial Stability Board (FSB), Rupert Thorne.

“ASEAN is home to about 600 cryptocurrency and blockchain companies, which grew at a fairly rapid rate of about 3.5% in 2021, the highest in the world on average,” explained Bank Indonesia Governor Perry Warjiyo in Nusa Dua, Bali (28/3).

Discussions on cryptocurrency will focus on the benefits and risks arising from cryptocurrency and blockchain assets. Rupert Thorne, Deputy Secretary-General of the FSB, will provide a comprehensive discussion on cryptocurrency.

“We are seeing in global financial colonization where cryptocurrency is one of the issues we discuss, and Rupert is familiar with the cryptocurrency regulatory framework,” said Perry.

Perry added, “The government has mandated Bank Indonesia and the Financial Services Authority to regulate and supervise cryptocurrency assets. However, cryptocurrency assets are not just about protecting institutional trading customers.”

“We need to look at how a country can collaborate and coordinate between agencies to have an integrated regulatory and supervisory approach to cryptocurrency assets. This is where the FSB can bring best practices to Asia in dealing with cryptocurrency assets,” said Perry.