China pakai QRIS lawan AS ‘Trump ngamuk, Indonesia Melawan' QRIS merambah China, Korea-Timur Tengah

Summary

The video discusses the rise of Kris, Indonesia's national digital payment system, which is challenging the dominance of American payment giants like Visa and Mastercard. As Kris expands internationally, it threatens the hegemony of the US dollar by enabling cross-border transactions in local currencies. The US has pressured Indonesia to reduce Kris's usage, but Indonesia refuses to yield, seeing Kris as a symbol of economic sovereignty and a tool for financial inclusion. The battle between Kris and Mastercard is framed as a key issue for Indonesia's economic future, with Kris playing a pivotal role in both local growth and global digital economy dynamics.

Takeaways

• 😀 Kris, Indonesia's digital payment system, threatens the dominance of Mastercard and Visa in global transactions.
• 😀 The expansion of Kris into international markets, including Japan and China, is seen as a direct challenge to the U.S. dollar's hegemony in global finance.
• 😀 Donald Trump’s policy on import tariffs, including a 32% tariff on Indonesian goods, is part of the broader U.S. strategy to pressure countries into adopting U.S.-controlled payment systems.
• 😀 Kris offers significantly lower transaction fees (less than 0.7%) compared to Mastercard or Visa (2-3%), making it an attractive alternative for businesses and consumers.
• 😀 The United States has attempted to pressure Indonesia into reducing the use of Kris during trade negotiations, highlighting its potential impact on American corporations like Visa and Mastercard.
• 😀 Kris is viewed as an essential tool for protecting Indonesia's economic sovereignty, especially in terms of digital payments and financial data privacy.
• 😀 Indonesia has resisted U.S. pressure, reinforcing its commitment to Kris as a national asset that supports local businesses, particularly small and medium-sized enterprises (SMEs).
• 😀 The growing international use of Kris is pushing forward dedollarization, allowing cross-border transactions in local currencies, which weakens the reliance on the U.S. dollar.
• 😀 In addition to its success in ASEAN countries, Kris is expanding to countries like China, Japan, and Saudi Arabia, signaling its growing geopolitical influence.
• 😀 Kris is not only a payment system but also a symbol of Indonesia's digital sovereignty, ensuring that the country controls its financial data and resists foreign exploitation.

Q & A

What is the significance of the Kris payment system in Indonesia's economy?

The Kris payment system is a crucial component of Indonesia's digital economy. It supports local businesses, especially MSMEs, by offering a more affordable transaction system compared to international systems like Visa or Mastercard. It also plays a strategic role in boosting economic sovereignty and reducing dependence on foreign payment systems.

Why did the United States take issue with Indonesia's use of Kris?

The U.S. was concerned that Kris could undermine the dominance of American payment systems like Visa and Mastercard. Kris offers lower transaction fees and operates without relying on the U.S. dollar, potentially weakening the global financial position of the dollar.

How does Kris affect the relationship between Indonesia and the United States?

The growing use of Kris has led to tensions between Indonesia and the U.S., especially as the U.S. imposed high tariffs on Indonesian exports. The U.S. has pressured Indonesia to limit the use of Kris in favor of American payment systems, but Indonesia has resisted these pressures, emphasizing the national importance of Kris.

What is the potential impact of Kris on the global dominance of the U.S. dollar?

Kris allows cross-border transactions using local currencies, which reduces the need for the U.S. dollar as an intermediary. This development could contribute to dedollarization, especially in regions like Southeast Asia, as Kris expands its influence. This shift poses a threat to the U.S.'s financial hegemony.

How is Kris expanding its international presence?

Kris is expanding rapidly in Asia and the Middle East. It is collaborating with countries like China, Japan, and South Korea, and integrating its system with local payment methods, including QR codes, to facilitate cross-border transactions. This expansion is expected to increase Kris's global footprint.

What role does Kris play in supporting small and medium-sized enterprises (SMEs) in Indonesia?

Kris is essential for the growth of SMEs in Indonesia, offering a low-cost payment solution. With over 26 million MSME traders using Kris, it enables cheaper and more efficient transactions, boosting local economies and providing easier access to financial services and funding.

How does Kris compare to traditional payment systems like Visa and Mastercard in terms of cost?

Kris is significantly cheaper than Visa and Mastercard. While Visa and Mastercard charge transaction fees of 2 to 3%, Kris only charges less than 0.7%, making it a more cost-effective option for both consumers and businesses, particularly in small transactions.

What are the geopolitical implications of Kris's rise in the global payment market?

Kris's rise challenges the global dominance of U.S.-backed financial systems, particularly Visa and Mastercard. As Kris expands in Asia and the Middle East, it could facilitate dedollarization and enhance China's push for non-dollar transactions. This shift could undermine U.S. economic influence in these regions.

How does Kris contribute to Indonesia's economic sovereignty?

Kris strengthens Indonesia's economic sovereignty by keeping transaction data within the country and protecting the privacy of its users. It reduces reliance on foreign financial institutions, allowing Indonesia to maintain control over its digital payment infrastructure and avoid exploitation by foreign corporations.

What is the strategic importance of Kris for Indonesia's future in the digital economy?

Kris is not just a payment system; it is a symbol of Indonesia's digital economic sovereignty. By continuing to develop Kris and expanding its usage internationally, Indonesia aims to position itself as a leader in digital financial innovation in Southeast Asia, ensuring long-term economic independence and global influence.