The Financial Services Authority (Otoritas Jasa Keuangan/OJK) of the Republic of Indonesia held a public lecture titled “Digital Financial Literacy: Crypto Assets and the Development of Digital Financial Innovation in Indonesia” at the UMSU Campus Auditorium, Jalan Muchtar Basri No. 3, Medan, on Friday (28/11).
The event was opened by the Rector of UMSU, Prof. Dr. Agussani, MAP, represented by the Dean of the Faculty of Law, Assoc. Prof. Dr. Faisal, S.H., M.Hum, and was attended by hundreds of students.
The Head of OJK North Sumatra, Khairul Muttaqin, in his opening remarks, emphasized the importance of digital literacy amid the rapid development of technology. He warned young people not to fall into short-term trends or fear of missing out (FOMO).
“You must understand literacy first before investing—don’t be driven by FOMO. Don’t just buy Bitcoin or other digital assets like stablecoins without understanding them,” he said.
Khairul also revealed alarming data related to online gambling in North Sumatra. According to him, online gambling participants in the province have reached 1.2 million people, with deposits totaling Rp3.3 trillion. “The largest group consists of students, numbering 171,000,” he said, while also warning that some participants are still in junior high school.
He further outlined three main education priorities of OJK: illegal investments, illegal online lending, and online gambling, which he noted are now interconnected. “Some people even use online loans as capital for gambling,” he added.
Earlier, the Dean of the Faculty of Law, Dr. Faisal, expressed his appreciation for UMSU being chosen as the host of the event. He noted that discussions on digital assets and financial innovation are highly relevant for students.
“Our daily activities today cannot be separated from digital finance. Don’t assume that even small stalls do not use digital transactions,” he said, sharing his personal experience of being unable to pay for coffee because he did not carry digital money.
He also stressed the importance of consumer protection. “Digital financial transactions are full of risks and therefore require proper protection,” he stated.
The public lecture continued with a presentation by the Chief Executive of Supervision for Financial Technology Innovation, Digital Financial Assets, and Crypto Assets, as well as a Member of the OJK Board of Commissioners, Hasan Fauzi.
Hasan explained the condition of the digital asset industry in Indonesia. “Indonesia consistently ranks among the top 10 countries in the Global Crypto Adoption Index. In 2023, Indonesia ranked third globally, and in 2024, seventh,” he said.
Based on the data he presented, the number of crypto investors has exceeded 19 million, with transaction values reaching Rp409.56 trillion as of October this year. Nevertheless, Hasan emphasized the high level of risk.
“Crypto assets are highly volatile—prices can rise quickly, fall quickly, and are vulnerable to fraud,” he explained.
He also warned about the widespread misuse of crypto assets for criminal activities. “Abroad, there are still many anonymous crypto accounts, making it difficult to trace criminal cases,” he said.
Furthermore, Hasan introduced OJK’s ‘2L’ principle as the first line of defense against investment offers: Legal and Logical. “If it’s not legal, don’t do it. If it’s not logical, leave it,” he asserted.
Hasan expressed his hope that students would not only understand financial technology but also become agents of literacy. According to him, digital awareness is crucial given the rise of technology-based fraud, including deepfakes and social engineering. “Sometimes the face and voice look exactly like a close friend… but it turns out to be a deepfake,” he explained.
The next session continued with a talk show featuring the Director of the OJK Digital Financial Innovation Group, Ludi Arlianto; the Deputy Chief Executive for Crypto Assets at AFSI, Jodi A. Sarjono; and UMSU academic Dr. Sukma Lesmana.
The talk show discussed OJK Infinity, regulatory challenges for crypto assets, ethics in the use of technology, and career prospects in the digital financial sector.
The event concluded with the exchange of souvenirs between OJK and UMSU, and was closed with a message from OJK emphasizing that digital literacy is key to protecting the public from risks amid the rapid growth of financial innovation.
