Jakarta (ANTARA) – The World Gold Council (WGC) has encouraged the Indonesian government to develop Gold Exchange Traded Funds (ETFs) as a strategic move to expand the national bullion ecosystem.Head of Asia Pacific (ex-China) and Global Head of Central Banks at WGC Shaokai Fan has said that diversifying gold investment products is the key to stimulating market growth.“Creating new products, welcoming Gold ETFs, for instance, might be something that could help to open up additional demand,” he stated, answering a question from ANTARA in a media interview here on Wednesday.Fan emphasized that in addition to creating new instruments, the Indonesian government should focus on increasing the awareness of the public and investors on the benefits and importance of holding gold assets.He added that the market also needs to be educated on how to acquire gold investments, alongside efforts to expand accessible sales channels.Despite the fact that Indonesia currently has only two gold banks—PT Bank Syariah Indonesia Tbk (BSI) and PT Pegadaian—Fan assessed the country’s progress in developing its bullion ecosystem as positive.He noted that Indonesia’s bullion ecosystem remains relatively young, having been officially inaugurated by President Prabowo Subianto in late February 2025.“It has only been a year, so I think we should give them some time. The progress they have made so far is actually quite good,” he said.“We are very supportive of the government’s efforts, and we are here to help them in any way they need,” Fan added.Regarding digital gold trends, Fan projected that sales will continue to rise, driven by Indonesia’s demographic profile, which is dominated by a digitally savvy younger generation.He said this group is the primary target market for digital gold developers, as reflected in the growing number of fintech and gold-processing companies offering such products.“With this type of demographic profile and the increasing understanding and awareness of gold investment in Indonesia, I think digital gold has a very strong future in this country,” Fan remarked.However, Fan issued a caution regarding the safety of digital gold investments. Referring to cases in China where investors were unable to withdraw digital gold from certain platforms, he underscored the need for a clear and robust regulatory framework.He said the government must strictly supervise companies selling digital gold and ensure that these platforms hold physical gold reserves equivalent to the amounts reported.“The gold must be accountable and transparent, and there must be proper checks and audits to ensure that it is fully backed,” Fan stressed.