TEMPO.CO, Jakarta - The Indonesian government has strictly banned the using of virtual currency or cryptocurrency such as Bitcoin as the payment instrument in any transactions. Apparently, it did not discourage Aladin Capital's intention to enter the Indonesian market and offer the cryptocurrency under the name Aladin Coin.

Aladin Capital is a subsidiary of Aladin Trust which has been registered since 2002 in Switzerland. Aladin Capital launched its product called Aladin Coin in Indonesia on Thursday, January 25, in Jakarta.

Read: Bitcoin CEO Agrees with BI to Not Recognize Bitcoin as Currency

Aladin Capital COO Eric Nguyen explained that Aladin Coin is a cryptocurrency that is now growing very rapidly in Vietnam since it was found in November 2017 in the US.

According to Nguyen, Aladin Coin is exactly the same as Bitcoin, including the amount of the coins that can be mined that equally reaches as many as 21 million coins.

“So, it is exactly the same, but Bitcoin is already very high, it’s like we are too late to catch up the train, so there is a new cryptocurrency,” he said at Bidakara Hotel, Jakarta, on Thursday, January 25.

Nguyen said that his company targeted US$ 1 valuation per coin last year. However, for now, its value has reached approximately US$3.8 per coin for internal transactions and US$5.9 per coin.

“In 2018, the value is targeted to reach around US$4 per coin, US$20 in 2020, and US$110 per coin by 2027,” he said.

Read: BI Prohibits Bitcoin Transactions

Nguyen expressed optimism that the product will be well received by the Indonesian people, and achieved success as in Vietnam.

Bank Indonesia (BI) and the Financial Services Authority (OJK) affirmed that virtual currencies, such as Bitcoin, are prohibited in Indonesia, as they could be used for money laundering and terrorism funding.

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