Vexanium is the biggest blockchain platform in Indonesia that has just launched their own blockchain platform (mainnet) on 11th July 2019 which is called as “Indonesia Blockchain independence day”. On that day Vexanium Blockchain is fully operated and already reach more than 2.300.000 blocks, a new block will be created every 0,5 seconds or 2 blocks every 1 second. In addition to being fully operational, on this Vexanium Blockchain Independence Day, Vexanium also launches Decentralized App (DApp), Mobile Wallet, PC Wallet, and VEX Token Creator. Until the end of 2019 Vexanium Foundation plan to launch more than 100 Dapps.
But why Vexanium is focusing in Indonesia? the 4th most populous country in the world.
What so special about Indonesia?
Why Indonesia has tremendous potential for blockchain application and use cases?
Here are some explanations
Indonesia is Predicted to be 4th biggest economy in 2030Indonesia is predicted by many growth analysts will rise to have the fourth biggest economy in the world after China, India and the USA. The world’s most populous Muslim country will see its GDP rise from $3.2 trillion to $10.1 trillion in 2030. Experts have predicted Indonesia’s economy will be
three times the size of Australia’s by 2030.
Notes: in 2019 because of the world trade slower growth (including the trade war between China and the US) the
prediction is changed into Indonesia become top 4 in 2045)
Source :
https://www.cnnindonesia.com/ekonomi/20190628134408-532-407329/melihat-taji-indonesia-di-antara-negara-raksasa-g20https://www.bloomberg.com/news/articles/2019-01-08/world-s-biggest-economies-seen-dominated-by-asian-ems-by-2030Indonesia is Receiving Demographic Dividend until 2045 (Massive Productive Age = Demographic Bonus=Rising Income Per Capita)Indonesia is a country that received a massive demographic bonus until 2045. In 2030, the productive age (15-64 years old) will be 200 million population. This number represents 68% of total Indonesia population, while the citizen more than 65 years old only 9 %.
The demographic dividend is the economic growth potential that can result from shifts in a population’s age structure, mainly when the share of the working-age population (15 to 64) is larger than the non-working-age share of the population (14 and younger, and 65 and older). (https://www.unfpa.org/demographic-dividend) This massive productive age is a golden opportunity for everyone investing in Indonesia because the majority of citizens can move the economic wheel.
Demographic dividend explanation by unfpa.org
Countries with the greatest demographic opportunity for development are those entering a period in which the working-age population has good health, quality education, decent employment and a lower proportion of young dependents. (
https://www.unfpa.org)
The demographic dividend is also the driver of rising income per capita forecast in Indonesia. Source : (Indonesia National Economic Committee:
https://slideplayer.com/slide/6442751/)
In 2017, Indonesia is the leader of global Internet Penetration GrowthAccording to Business insider, in 2017 Indonesia is the leader of global internet penetration growth, while Southeast Asia is poised to be a leader in mobile internet usage in 2018.
Source :
https://www.businessinsider.com/southeast-asia-could-be-a-leader-in-mobile-internet-usage-next-year-2017-12?IR=Thttps://www.blog.google/around-the-globe/google-asia/sea-internet-economy/Indonesia internet economy is The Largest and Fastest Growing in South East AsiaAccording to Bloomberg (Nov 2018), Indonesia’s internet economy is the largest and the fastest-growing in the region reached $27 billion in 2018 and is poised to grow to $100 billion by 2025.
Source :
https://www.bloomberg.com/news/articles/2018-11-19/three-charts-that-explain-boom-in-southeast-asia-s-net-economyIndonesia is APAC’s most valuable untapped e-money marketAccording to Google, Indonesia is one of the most valuable untapped markets in Asia Pacific’s digital finance sector. Sixty-six percent of the country’s 260 million population is “unbanked” (don’t own a bank account). And while 66% of the current population was raised with internet access, fewer than 40% of Indonesian smartphone users have used financial services apps before. This is surprising, considering the number of digital finance apps in the country has grown 6X since 2010, bringing the total to 140. And within that category, there are already 19 that are from e-money* providers that don’t require a bank account.
https://www.thinkwithgoogle.com/intl/en-apac/tools-resources/research-studies/all-eyes-e-money-race-reach-180m-unbanked-indonesians/Indonesia has 41% of Southeast Asia PopulationSouth-East Asia has more than 641 million population, the third most populous geographical region in the world after South Asia and East Asia (
https://en.wikipedia.org/wiki/Southeast_Asia) While Indonesia has 264 million population, the biggest in Southeast Asia which is around 41% of Southeast Asia Population
with a combined GDP of US$2.57 trillion and
60% of the population between the ages of 15-34, the economic growth of South East Asia is steadily rising. On the other hand, the average GDP per capita of South-East Asian countries are still behind the OECD countries a.k.a. the developed countries. However, this also means there is still much room for growth for the South-East Asian countries.
Half of The Unicorn in South East Asia are Coming From IndonesiaBy mid-2018, South East Asia was home to eight unicorns split evenly between Singapore and Indonesia. Compared to other Asian regions, SEA did well in this unicorn list. According to Crunchbase, there are only three unicorns in South Korea and one each in Japan, Australia and Hong Kong. India has about 10 unicorns, and of course, China completely dominated the unicorn list with about 90. Source:
thesoutheastasiaBlockchain-Friendly and Innovation-Friendly Regulator Indonesia regulator is known as a supportive government for startups. They change the mindset from regulators to facilitators & incubators. In terms of blockchain and digital currency, the Indonesian Bank that they finished the study of Central Bank Digital Currency (CBDC) in 2020. Five other banks in the country are investigating ways to integrate the technology as well, The Asean Post reported on April 9. These are Bank Negara Indonesia, Bank Rakyat Indonesia, Bank Mandiri, Bank Danamon, and Bank Permata.
In February, the Indonesian Ministry of Trade’s Futures Exchange Supervisory Board (Bappebti)
issued the first regulations permitting the creation of cryptocurrency exchanges and regulating digital assets.
The economic coordinating ministry also
in the process of building Batam, one of Indonesia’s islands, to be blockchain speciality zone.
Source :
https://www.cnbcindonesia.com/fintech/20190509174252-37-71539/di-era-digital-menkominfo-regulator-harus-reposisi-peranhttps://www.thejakartapost.com/news/2018/02/01/digital-rupiah-study-to-be-completed-in-2020-bi.htmlhttps://modernconsensus.com/regulation/asia-australia/central-banks-across-southeast-asia-are-embracing-blockchain/
https://digitalis.id/blog/kemenko-ekonomi-berminat-sediakan-pulau-khusus-blockchain-liputan-khusus-blockjakarta-2019/
