In his opening remarks, Dean of the Faculty of Law UGM, Prof. Dr. Sigit Riyanto, S.H., LL.M., stated that the rapid development of information technology has brought both opportunities and challenges across various sectors, including the financial industry. He expressed his hope that the national seminar would provide valuable insights for participants and serve as one of the references for transforming financial sector policies in Indonesia.
The first speaker, Anton Dewantoro, S.T., M.M., Business Development at Sandton Consulting, introduced the basic concept of blockchain technology and its practical applications. The second speaker, Rosalia Suci Handayani, S.H., LL.M., Executive Director of the Legal Department of Bank Indonesia, emphasized that innovations arising from technological developments, particularly blockchain, should be given room to grow while being properly regulated to prevent undesirable consequences. She cited virtual currencies, particularly Bitcoin, as one example of blockchain technology application. Due to the highly volatile value of Bitcoin, there is no financial authority specifically responsible for stabilizing its value when it experiences a sharp decline. In Indonesia, virtual currencies, including Bitcoin, are implicitly prohibited as a legal means of payment. However, virtual currencies may still be traded as commodities on futures exchanges. She concluded by emphasizing that blockchain technology is not inherently harmful, but many aspects still need to be addressed and mitigated. The broad potential applications of the technology should not be exploited by irresponsible parties to carry out unlawful activities. The discussion was then continued by Bagasi Seitaji, MBA, Junior Analyst at the Directorate of Regulation, Licensing, and Supervision of Fintech at the Financial Services Authority (OJK). He discussed blockchain technology, particularly its application in the peer-to-peer (P2P) lending industry. Fintech lending facilitates lending activities, including the collection of funds, and in Indonesia, P2P lending is commonly known as online mutual lending. He explained that in a blockchain-based P2P lending mechanism, once a prospective borrower has completed the required process and entered the marketplace, multiple lenders may contribute to the loan if one lender does not wish to bear the entire amount. Therefore, a smart contract is required to stipulate that the funds may only be transferred once the loan has been fully funded.
The final speaker was Prof. Dr. Sulistiowati, S.H., M.Hum., Professor at the Department of Commercial Law, Faculty of Law UGM. She discussed the legal aspects of blockchain technology from the perspective of banking principles. She emphasized that technology can be applied across various aspects of life, including the financial sector, particularly banking. However, its implementation must remain consistent with fundamental banking principles, including the principles of trust, prudence, confidentiality, and know-your-customer (KYC), in order to protect the interests of both the state and society. The seminar continued with a question-and-answer session with the participants. The event was officially closed by the Head of the Department of Commercial Law, Irna Nurhayati, S.H., M.Hum., LL.M., Ph.D., followed by the presentation of plaques to the speakers.
