For years the norm when traveling to a different country was to convert your home fiat to the local currency. It was not the best system because exchange shops in the airports were robbing people blind.

Then, banks got their global ATM networks setup properly such that your bank started to (finally) simply exchanging close to the market rate. Its now so easy to use your debit card and the transaction goes through electronically. Progress!

But part of the reality is that local currency is still a necessity in any nation and its always to good to have cash in hand and in the smaller denominations.

The land of many small bits of paper

But, its been a while since I worked back in Indonesia and I forgot. It's the paper. Every transaction generates paper….lots of bits of tiny bits. But its not just the paper. It's that the currency feels just like receipts.

So, pretty soon you are inundated with a pocket full of paper. Is it valuable? I have to stop and look to see if I wadded a bunch of Rupiah notes in my sweaty pocket.. You should not just throw every bit of paper away while in Indonesia. You could accidentally throw away a fortune.

I reverted to my old habits and just started saving everything. Separated the Rupiah from the receipts. I every bought amplops to sort the receipts for the expense report.

I thought I was being clever. But, I was not. Fortunately, the Indonesian people are the masters of this situation and they realized there had to be a better way.

QRIS: The solution

Let's never forget. In 2019 COVID was devastating to everyone. And it impacted businesses in the most fundamental way in transferring cash form person was discovered to have been one of the key ways SARS-CoV-2 was spread. While some countries with the technology and infrastructure to be progressive to stop the spread chose to bent to political whims…many did nothing.

Indonesia, with the world's 4th largest population with a culture of self-employment and street vendors stunned the world with a real solution.

They passed the legislation and standard of QRIS (Quick Response Code Indonesia Standard). This is way for any party to exchange funds via a QR code. No fees and no contact. Many people were not happy…but those people were from US Banks.

Today, the QRIS system has been onboarded by 50MM merchants and in 2024 $2.57B in funds were transferred.

Experts in Traditional and Digital Assets

Having visited before and after QRIS it was uncomfortable. Brainwallet can scan QR codes too! But, there was another aspect of the experience that I didn't anticipate. The people in Indonesia are now super experts about digital finance.

Not only do they have many levels of access to traditional finance, but there is a healthy interest for digital assets and learning how to use them. This is a very exciting time to grow & teach people more about blockchain. And learn more about how people use traditional and digital assets.

Looking forward to the next visit!