How is the growth of BitcoinCash in Indonesia, is the rapid growth in line with the expectations and goals to be achieved, or is it difficult to break through the regulatory limits acceptable to the government in Indonesia?
Clearly, if you look at the user and the existence of exchange, it can be said that it cannot be said to be a high choice for crypto users and players in Indonesia. Because the limitations on views and their implications are still very influential on the origin of BitcoinCash present and also the readiness of each exchange to bridge the acceptance and introduction and learning is not comparable to the condition of the point of view of most crypto users in Indonesia want. In addition, the regulatory issue of the existence of the law is so binding, that if it is clarified and taken, the vision and mission of BitcoinCash as a currency is still not acceptable and recognized.
The existing limitations in this existing legal problem are the reason for the difficulty of penetrating all lines in the adoption of BitcoinCash in Indonesia. Where the law only legalizes the word asset, not as a currency or an alternative payment system other than Rupiah.
The condition of the word asset that can only be accepted is one form of thing that is difficult to penetrate for users to want to look at the existence of BitcoinCash in Indonesia. Another factor that grows mostly in the context of new users and players in Indonesia is that it is more dominant in coins or tokens that are far below the market value but are alleged to be able to rise significantly in the current volatile crypto conditions.
In this case, most players and users who have a small capital and of course more are found in this category once they stay away from coins/tokens that are already of high value. So for coins/tokens that are of high value, they are only touched by certain circles, which of course have large capital and can play for a long time.
The question is of course how to reach the realm of users in Indonesia seeing the existing conditions?
Another factor that needs to be seen is the issue of religion, Indonesia until now is a country that has the Muslim faith. Where in terms of religion, it becomes an addition to the legal problems that apply to the religion it adheres to. Islam clearly forbids problems that reek of usury/riba. From there we can see how the context of investment issues becomes a point of view that is often discussed by applicable laws in Islam. Clearly, the problem of investment is explained by the condition of the Islamic economy, which aspects of investment are allowed and which investments are not.
Products in volatile crypto are one that is highly viewed and raised to be something to avoid and watch out for. And this has a big influence, of course, on the adoption that can be accepted easily by Indonesian users. Indeed, although it is not surprising to say that Muslims and Muslims do not really look at or obey the rules that exist in terms of religion, at least there will be many individuals who see the importance of obeying the rules in the religion they adhere to. Looking at the basic law, as a currency BitconCash can be accepted by legal deepening compared to fiat currencies (Rupiah). But on the other hand, obeying government rules is also a legal basis that must be obeyed in Islam. So the essence goes back to the individual who is in view of what he believes. Not just taking a middle ground or shortcuts, it is more careful and very much sorting out the types and products that exist. Then more inclined to elections that do no harm to the user is more of a priority.
On the other hand, the problem of Ponzi schemes or fraud that was born is also a big problem for growth in Indonesia, which in fact has a cautious nature and does not want to be repeated or in the Indonesian language say "kapokan". So the spread is more dominant among millennials or people who are used to the association and close to technology. Making the older or non-academic side and the lower class more people who do not understand correctly what crypto is and only look at a game. It is true that Indonesia is said to be at a better level of economic growth and also infrastructure development is experiencing great progress. But the three issues outlined are key to penetrating existing adoption. Moreover, talking as a currency or as an alternative to accepting payments.
This is just my personal point of view as a BitcoinCash user so far in Indonesia. So it cannot be used as a correct benchmark, let alone unilaterally. Speaking globally because I live it still in an individual context without following the associations or communities in Indonesia, especially BitcoinCash until now. So that no good conclusions can be drawn, of course, maybe only in the form of individual discourse to represent the problems that need to be considered for the adoption of BicoinCash in Indonesia.
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