Indonesia Hosts International Summit to Enlighten Lawyers on Cryptocurrencies

Indonesia Hosts International Summit to Enlighten Lawyers on Cryptocurrencies

In an effort to curb illegal use of bitcoin and other blockchain-based cryptocurrencies, and make it easier for law enforcement agents to recognize and fight crypto-fueled crimes, the Indonesian government is hosting an international conference made up of Turkey, Singapore, Australia, Malaysia, Thailand, Russia and Hong Kong, according to reports on October 2, 2019.

Indonesia Fighting Crypto Thieves 

Per sources close to the matter, Indonesian authorities are hosting an eight-nation conference aimed at arming lawyers and other law enforcement agents with the skills they need to fight fish out and fight crypto-related crimes such as money laundering, terrorism financing, and others.

Reportedly, the seminar, which authorities say is a direct response to the increasing rate of crypto-powered crimes, will be attended by seven other nations including bitcoin-friendly Turkey, Australia, Malaysia, Thailand, Russia, Singapore, and Hong Kong.

The conference will enable participating nations to brainstorm on ways to fight against fraudulent activities in the rapidly evolving cryptospace.

Commenting on the initiative, Dr. Arminsyah, Indonesia’s Deputy Attorney General stated categorically that digital assets and the revolutionary technology that underpins them will continue to grow at a rapid pace, without slowing down for law enforcement and government authorities to catch up.

As such, it has become quite critical for governments to join hands together to form a solid defense against bad actors taking advantage of these nascent technologies.

In his words:

“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.”

Authorities Determined to End Crypto-Crimes

While bitcoin and other cryptoassets are no legal tenders in Indonesia, earlier in February 2019, the government introduced a regulation that legalized cryptocurrency as tradable assets, in a bid to allow interested investors to trade digital currencies without falling victims to scam schemes organized by rogue actors.

Importantly, Dr. Arminsyah says he hopes the summit will encourage collaboration between trainees, in the form of real-time “information delivery, data, advice, and the provision of the necessary facilities needed to fight crypto crimes.”

In related news, earlier in August 2019, Thai authorities revealed plans to intensify efforts to crush crypto-based money laundering operations in the region.

Ogwu Osaemezu Emmanuel

Ogwu Osaemezu Emmanuel is a graduate of Mass Communication and Media Studies. He joined the blockchain movement in 2016 when a friend of his introduced him to an investment platform accepting bitcoin. He has never looked back since then. Emmanuel believes the world needs real change and freedom from poverty. He sees crypto and the underlying distributed ledger technology as the catalyst to a better future for all.