Bitcoin in Indonesia just keeps on brewing. PT Kancil Global Indonesia, a dynamic export-import business with a team of young, innovative, and energetic professionals, introduced its revolutionary Bitcoinized program at the prestigious Melbourne International Coffee Expo (MICE) held from May 12-14, 2024. This program distributes Bitcoin via paper wallets to grassroots communities in Indonesia, particularly those with limited literacy. The initiative aims to provide these communities with a secure store of value that can be used for various purposes, including retirement funds and as a potential way out of debt traps. Additionally, the company showcased this program at the Melbourne International Coffee Expo, presenting a collection of 14 specialty coffees integrated with Bitcoin technology.
This year’s participation marks a significant milestone for the company, highlighting its commitment to merging traditional industries with cutting-edge financial technology. The enthusiastic reception of Bitcoinized Coffee at the expo highlights the growing intersection between the coffee industry and digital currency. PT Kancil Global Indonesia’s efforts position Indonesia as a forward-thinking player in both arenas, demonstrating the potential for traditional industries to thrive alongside emerging technologies.
Bitcoinized Program: Empowering Marginalized Communities
One of PT Kancil Global Indonesia’s flagship initiatives, the Bitcoinized program, aims to introduce Bitcoin to Indonesia, focusing particularly on grassroots communities, including those with limited literacy. This revolutionary initiative involves distributing Bitcoin via paper wallets, providing recipients with a secure store of value that can be used for various purposes, including retirement funds and as a potential way out of debt traps.
In regions like Bulukumba, where farmers are often caught in debt cycles with coffee middlemen, the Bitcoinized program offers hope. Abdillah, a local coffee processor, highlighted the common issue where farmers’ repayments barely cover the interest, prolonging their debt. The program’s innovative cashback concept, though only 1% of transactions, can accumulate over time, providing financial stability and a reliable store of value for these communities.
Bitcoinized Coffee at the Melbourne International Coffee Expo
Kancil Global Booth at MICE
In collaboration with the Indonesian Ministry of Foreign Affairs and Ministry of Trade, as well as the Indonesia Trade Promotion Center (ITPC), PT Kancil Global Indonesia set up a dedicated booth at the Melbourne International Coffee Expo, one of the largest coffee trade events in the world. The expo attracts participants from various sectors of the coffee industry, creating a perfect platform to introduce PT Kancil Global Indonesia’s Bitcoinized Coffee. Curated by renowned coffee expert Nur Amri, the Bitcoinized Coffee collection features 14 specialty coffees from Indonesia. This innovative product seamlessly blends traditional coffee culture with modern financial technology, showcasing Indonesia’s advanced approach to coffee trade and Bitcoin adoption.
The booth attracted significant attention and curiosity, with prominent figures from the coffee industry, including Richard Bettles of Pablo & Rusty’s and Naman from Coffeepass, expressing great interest in the Bitcoinized Coffee program. The presence and support of notable Indonesian officials, such as Bahlil Lahadalia from the Ministry of Investment, Ambassador H.E. Dr. Siswo Pramono, Indonesian Ambassador to Australia, Kuncoro Giri Waseso, Indonesian Consul General, and Doni Primanto Joewono, Deputy Governor of Bank Indonesia, further emphasized Indonesia’s commitment to advancing coffee trade and embracing innovative financial solutions.
Bitcoin in Indonesia as a Secure Store of Value and Beyond
Bitcoin Cards at Kancil Global Booth
While the number of individuals currently possessing these cards remains relatively small, the holders encompass a diverse range of supply chain participants. This includes farmers who cultivate the coffee, processors who handle the initial stages of production, exporters who manage the international shipping, vendors who sell the product, and buyers who purchase the coffee. By involving participants from every stage of the supply chain, the program ensures a comprehensive and inclusive approach, highlighting its potential to revolutionize the industry through widespread adoption.
As a start, the recipients of the Bitcoin cards (distributed via paper wallets) use them primarily as a secure store of value, but the potential is limitless. These cards can serve various purposes, including retirement savings and as a means to escape debt traps. It empowers marginalized communities by providing them with access to modern financial technology, which can help them save money securely and escape debt cycles. The program also offers a cashback concept, where 1% of transactions can accumulate over time, providing financial stability for these communities.
What’s Next for Bitcoin Indonesia and Kancil Global?
Bitcoin as a Store of Value
By integrating Bitcoin technology with the traditional coffee industry, PT Kancil Global Indonesia is pioneering a unique approach that can potentially transform lives and promote sustainable economic growth. Additionally, this program highlights Indonesia’s commitment to innovation and positions the country as a leader in both coffee trade and digital currency adoption.
This initiative is a major advancement in our proactive mission to broaden Bitcoin access to a wide audience. Serving as a pilot project for further development, Kancil Global is applying this mechanism to other commodities as well. Consequently, more individuals from diverse backgrounds within the core of the Indonesian economy can gain direct exposure to Bitcoin.
This post is a collaboration between PT Kancil Global Indonesia and Bitcoin Indonesia.
Originally written by:
Afrizal Adinur
Indonesian commodities trader and an advocate for Bitcoin adoption in International business.
