In a special interview with Crypto.news, Mohammad Alcaf talks about Indonesia’s ability as a crypto hub after receiving regulatory approval for the native token of HAQQ from the country’s FSA.
According to Channelis, Indonesia is currently ranked as the third largest country in terms of crypto adoption. According to the latest data, less than 8% of the population is asked to catch crypto. Not only this, Indonesia is also currently in the stage of an infection when it comes to its crypto industry, regulator supervision is transferred from its commodity futures trading agency to FSA.
HAQQ Network co-founder Mohammad Alqaf Alheshmi, a layer 1 permitted blockchain that is proud to implement itself a system that is fully complied with Sharia laws, told Crypto.News that last week, Indonesian regulations Gave HAQQ network coins, Islamic. Coin or ISLM, seal of approval.
The token is already available on the local Indonesian Crypto Exchange, Indodax.
“If I am successful in Indonesia and my protocol is accepted, I will live everywhere in the world. If my blockchain, coin or smart contract is mostly adopted in Indonesia, which is the largest Muslim country in the world. I would not have any hindrance in entering other Muslim countries, ”he explained.
This is because Alheshmi believes that Indonesia will soon develop in Asia’s largest crypto hub.
He said that Southeast Asian country has a “competitive increase” as compared to other countries as it has a rapid economic growth as well as its population size.
“Indonesia is the largest Muslim country in the world, and compared to other countries and with all proper respect I love them all, I respect them all, but still the population and quantity in Indonesia is really incomparable , “Alshami said.
Speaking from experience, he also exposes his team through that team to get regulatory approval from Indonesia’s Commodity Futures Trading Agency. This process was wide, but it was faster than other countries.
“The first web 3 they are very knowledgeable in the context of his knowledge and background technology and people from his team have a very good background and history before joining,” Alshami said.
He said, “I would also say that their rules are quite flexible to enable the owners of the project to do good business to protect the community.”
Alheshmi and Haqq Network Team is currently interacting with the Indonesian FSA about their approval status, as the financial watchdog is ready to acquire the Crypto Asset Oversite from the Financial Watchdog Commodity Futures Trading Agency.
“When we see Indonesia as a market, I would say that it is incomparable. It can be number one to be honest. Because I have seen a large amount of development figures. Business, transactions and quantities of users, I think Indonesia may soon be one of the top 3 countries in the world. ,
Mohammad Alqaf Alhashmi, co-founder of Haqq Network
Indonesia’s unbank capacity
Indonesia according to embedded finance business Report 2024–2029, about 74% of the population is unbank or underbank. This means that most Indonesians do not have access to traditional banking services.
Alheshmi sees this 74% as an unused market that can really benefit from using decentralized blockchain, especially a system that corresponds to Islamic laws. Keeping Indonesia in mind, Muslims have the largest population with around 241.5 million worldwide, based on 2022 figures, many of its citizens doubt traditional banking systems for religious reasons.
Although some banks offer Sharia-specific services, not all of them are easily accessible to the public. Islamic financing is based on Sharia principles that emphasize justice, transparency and social welfare. One of its main principles is prohibited from charging or paying interest.
“We have something unique on the blockchain, or we have developed it there to maintain Sharia compliance there, called Sharia Oracle, because we are a decentralized blockchain,” said Alhashami.
The HAQQ Network has already implemented a similar system in Brazil for halal food certification, indicating that food has been prepared in a way that complies with Islamic law. As the largest halal food exports as Brazil, the country has greatly benefited from the blockchain of HAQQ.
“We have successfully done a pilot in Indonesia, separate institutions and distribution and everything in a very satisfactory way,” he said.
Extension of products for Indonesian Crypto market
Mohammad Alqaf Alhashmi said that the protocol is getting ready to introduce a series of crypto products in the Indonesian Crypto market. One of which is making zakat donation notable through blockchain.
“Zakat is a donation for Muslims who are rich in a certain hat of resources, and they are not using it for a year. Zakat donation distribution is very important and important worldwide, ”said Alheshmi.
Because zakat donations are often run by people, donors often become uncertain whether their donation will reach the desired parties, such as the orphanage and other donations. With blockchain, the process of depositing the donation becomes much more transparent and detected for the user.
“So what we have done, we have prepared a solution on a blockchain called Faircare. And the solution enables all donors to donate in a very transparent manner, and it really also connects the wallet through smart contracts. , “He said.
In fact, HAQQ has already started implementing the program in Indonesia. In collaboration with the initiative of strong widows for orphans and Nucare for the bright future, Haqq implemented pilot donation via Faircare.
Additionally, HAQQ also introduced a pilot for the Indonesian unit, Agridesa for Sharia Compliance Loans, which combines technology and product development for agricultural sectors. In the future, Alheshmi hopes that these products will encourage adopting comprehensive crypto in Indonesia, increasing its ability to become a global crypto hub.
