Indonesia’s crypto transactions rises with 350% increase

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As an analyst with extensive experience in the global financial market, I have witnessed the meteoric rise and fall of various assets classes. The rapid growth in crypto adoption in Indonesia this year, with transaction counts surging over 350%, is nothing short of astonishing.

In the realm of cryptocurrency, Indonesia has experienced a significant surge this year, with transaction numbers skyrocketing by more than 350% compared to the previous year, making it one of the countries with the highest adoption rates.

Based on a report from Investor.ID, a local news source, the cumulative value of crypto transactions this year reached $30 billion by October. Remarkably, this surpasses the combined total for both 2022 and 2023, which were $19.4 billion and $6.5 billion respectively.

According to the Commodity Futures Trading Supervisory Agency (Bappebti), the nation’s regulator for the cryptocurrency market, the current figure represents a surge of more than 352.89% over the previous year.

Nonetheless, the figure we have falls short of the goal of $54 billion the country aims to reach by 2024. This sum corresponds to the overall value of transactions recorded during the highly bullish crypto market year of 2021.

Additionally, the regulatory body highlighted that the most widely-used cryptocurrencies in Indonesia include Solana (SOL), Ethereum (ETH), and Tether (USDT (a stablecoin)), with Bitcoin (BTC) coming in at a close fourth.

Additionally, it’s worth noting that the number of cryptocurrency investors has grown to approximately 21 million, while more than 716,000 individuals have registered as traders on local crypto exchange platforms.

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2024-11-29 15:01