As a seasoned crypto investor with roots deeply embedded in Southeast Asia, I can’t help but feel a sense of admiration and anticipation when I look at Indonesia’s meteoric rise in the cryptocurrency realm. Having witnessed the evolution of the digital asset market across various continents, I must say that Indonesia’s progress is nothing short of remarkable.
Indonesia, known as one of the globe’s most accommodating nations for cryptocurrency, has surpassed a significant achievement, recording transactions worth more than 475 trillion Indonesian rupiahs, which is equivalent to approximately $30 billion.
Indonesian crypto market, overseen by Commodity Futures Trading Supervisory Agency (Bappebti), has experienced a remarkable surge, reaching approximately $30 billion in transactions by October 2024. This represents a staggering 352% increase compared to the same period last year when transactions amounted to just $6.5 billion.
As stated in a recent report by Investor ID on November 28th, the volume of transactions this year has surpassed the combined total from 2022 and 2023. The previous years saw approximately $19.4 billion and $6.5 billion in transactions respectively.
Yet, our transaction volume for this year remains lower than the set goal of $54 billion, and it’s on par with the volume we saw in 2021 – a year characterized by a bullish cryptocurrency market.
As a crypto investor, I’m part of a growing community of over 21 million individuals who share this digital finance journey. Interestingly, approximately 716,000 of us are using our local registered exchange, making it one of the world’s largest countries, at least in terms of crypto traders so far.
As a researcher, I can attest that the interest in cryptocurrency asset trading among individuals is undeniable, as expressed by Kasan, the head of the crypto regulatory body, Bappebti.
Indonesia: another Asia’s fastest crypto adopters
1) According to Chainalysis’ Global Crypto Adoption Index, Indonesia has been consistently ranked among the top 20 countries globally with the quickest adoption of cryptocurrencies for the past three years. This impressive feat places it alongside India and Nigeria, which also lead in this area.
Under the same rules as other financial instruments, the Financial Service Authority (OJK) is intensifying its regulatory efforts in the sector. This regulation will commence on January 12 of next year.
The regulator additionally noted that the preferred cryptocurrency in Indonesia is primarily influenced by a mix of altcoins such as Solana (SOL) and Ethereum (ETH), along with stablecoin Tether (USDT), and Bitcoin (BTC).
In Indonesia, it’s the younger demographic that holds a significant influence over the cryptocurrency sector. Approximately 60% of the youth, aged between 18 and 30 years, have invested in digital currencies.
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2024-11-29 10:06