By: Dina Sari )*
The government continues to strengthen gold-based financial infrastructure to optimize the potential of this sector. With the bullion bank, national gold industry players have more opportunities to manage their assets effectively and contribute to national economic growth. President Prabowo explained the importance of gold bank services. He said that so far, gold in Indonesia has not had a place to store it after being mined. According to him, a lot of gold flows abroad.
Prabowo also ensured that the gold bank will store gold from mining before it is exported abroad. This also supports the downstream mission that has been initiated by the President in the Asta Cita of the Red and White Cabinet.
Member of Commission XI of the DPR, Anies Biarwati, assessed that the establishment of a gold bank marked the beginning of a new era in gold investment as part of the modern financial ecosystem. He explained that Indonesian people have long used gold as a form of investment, both in the form of jewelry and precious metals. He said that the presence of a gold bank will change people’s perspective on gold as a more structured financial asset.
Furthermore, Anies revealed that gold banks have various functions, including as a place for savings, financing, trading, and gold custody for the community and industry. He emphasized that people do not need to hesitate to start investing through gold banks, considering that the Financial Services Authority (OJK) has guaranteed the security of transactions in this system. In addition, the existence of gold banks is believed to be able to reduce Indonesia’s dependence on gold imports.
Currently, the national gold industry still relies heavily on supplies from foreign gold banks, including those based in Singapore. In the long term, it is hoped that domestic gold banks can function as strategic reserves, as has been implemented in developed countries. He gave examples that in the United States and India, central banks play a role in storing national gold. He added that the role of the central bank in managing national gold in Indonesia is still under further study.
The Chief Executive of OJK Banking Supervision, Dian Ediana Rae, emphasized that the establishment of bullion banks in Indonesia is a strategic step to increase retail gold consumption, strengthen the gold industry ecosystem, and create added value estimated to reach IDR 30 trillion to IDR 50 trillion. He explained that the existence of bullion banks will allow the gold industry to be more organized, increase market liquidity, and encourage innovation in gold-based products such as gold savings and gold-based credit.
Member of Commission XI of the Indonesian House of Representatives from the Democratic Party Faction, Fathi, welcomed the government’s move to establish a gold bank as a financial institution that can help the community in managing and storing gold as an investment. He emphasized the importance of ensuring that this policy provides broad benefits, especially for micro, small, and medium enterprises (MSMEs).
Fathi explained that the concept of a gold bank has great potential if implemented properly. In addition to being an investment instrument, the community must also feel safe and comfortable in utilizing gold bank services. He considered that the government needs to provide a comprehensive explanation regarding the mechanism, benefits, and how this institution can be inclusive for all groups.
Furthermore, Fathi said that the Democratic Party Faction through Commission XI of the Indonesian House of Representatives will continue to monitor the implementation of this policy so that its benefits are not only felt by a handful of parties. He emphasized that his party encourages the government to conduct in-depth studies and involve the community in the preparation of regulations related to gold banks. According to him, the Democratic Faction is committed to fighting for policies that have a positive impact on the wider community.
With the increasingly developing gold bank ecosystem in Indonesia, it is hoped that this policy can reduce economic inequality and strengthen the national financial sector based on commodities. Proper regulation and transparency in implementation will be key factors in ensuring that gold banks truly provide maximum benefits to the wider community.
In addition, digital technology and blockchain can play a role in increasing the transparency and security of gold transactions in the bullion bank system. With the implementation of this technology, every gold transaction will be recorded safely, reducing the risk of misuse, and increasing investor confidence. This system also allows wider access for the community, including those in remote areas, to participate in gold investment more easily and safely.
On the other hand, increasing financial literacy regarding gold investment is a challenge in itself. The government and financial authorities must be more active in providing education to the public.about how bullion banks work, their benefits, and their risks. A socialization program involving financial institutions, academics, and the mass media can help the public understand that bullion banks are a safe and profitable investment alternative.
With the various steps that have been taken, the government, the DPR, and the banking industry must continue to work together to ensure that bullion banks can operate optimally. If this policy is implemented properly, Indonesia has the potential to become a gold trading center in Asia, on par with countries such as Singapore and Dubai. With the right strategy, bullion banks can be an important instrument in strengthening national economic resilience and creating wider investment opportunities for the community.
)* World Economic Observer
