The Financial Services Authority (OJK) has finally responded to a proposal from players in the crypto asset market urging that Bitcoin be included as part of the strategic reserves of the Indonesia Investment Authority, Badan Pengelola Investasi Daya Anagata Nusantara (BPI Danantara).

Speaking at the April 2025 Monthly Board of Commissioners Meeting (RDKB) press conference held on Friday (May 9, 2025), Hasan Fawzi, Chief Executive for Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets Supervision at OJK, described the proposal as a reflection of the industry's innovative spirit. He welcomed the enthusiasm but emphasized the need for caution.

"We appreciate the emergence of what seems to be a fairly innovative proposal put forward by a domestic digital asset trader regarding the suggestion for Danantara to consider holding Bitcoin as part of its reserves. This is not just aimed at diversifying assets but also at contributing to the strengthening of the rupiah,” Hasan explained.

For context, Danantara is a government-established entity tasked with managing Indonesia's strategic investments. The agency consolidates and manages state-owned assets, primarily those of state-owned enterprises (SOEs), with the objective of driving sustainable and efficient national economic growth.

Hasan noted that the idea reflects a high level of enthusiasm from domestic crypto industry players to support the development of a robust digital financial ecosystem in Indonesia.

Regulatory-Based Approach Needed

However, he also warned that managing state assets cannot be done carelessly. Hasan stressed that, as a state investment manager, Danantara must prioritize prudent governance, proper risk management, and clearly measurable economic objectives.

He advised Danantara to explore other forms of investment that carry stronger legal foundations—such as funding initiatives for the tokenization of Real World Assets (RWAs), which are backed by tangible underlying assets and have concrete economic potential.

Hasan further stated that OJK is open to supporting innovative financial initiatives taken by institutions like Danantara. Still, he reminded that all digital financial experiments must uphold the stability of the national financial system.

“We must continue to emphasize the importance of safeguarding financial system stability, implementing sound market conduct, and protecting consumer and public interests,” Hasan concluded.

On another note, OJK also expressed openness to Danantara taking on the role of a liquidity provider in the stock market. This was stated by Inarno Djajadi, OJK’s Chief Executive for Capital Markets, Financial Derivatives, and the Carbon Exchange.

According to Inarno, Danantara could assume this role as long as it complies with existing regulations from both the OJK and the Indonesia Stock Exchange (IDX). Currently, the role of liquidity provider is generally held by licensed securities trading intermediaries (PPE) that are approved by the authorities.