Indonesia: Cryptocurrency transactions grow 350% in a year
Date: 2024-11-29 Author: Henry Casey Categories: IN WORLD
According to the Commodity Futures Trading Supervision Authority (Bappebti), the country's cryptocurrency market has seen significant growth. In comparison, the same period last year saw only $6.5 billion in transactions, indicating a 352% increase. This surpasses the figures for 2022 and 2023, which were $19.4 billion and $6.5 billion, respectively.
However, the current transaction volume is still below the 2021 levels, when the market boom (bullish) saw $54 billion in transactions.
The number of crypto traders in the country also continues to grow, reaching 21 million people, of whom 716,000 use locally registered exchanges. This makes Indonesia one of the largest countries in terms of cryptocurrency users.
“These figures confirm that crypto trading remains a popular choice among citizens,” said Kasan, CEO of Bappebti.
Indonesia has been among the countries with the highest crypto adoption rate for several years in a row, according to the Chainalysis Global Crypto Adoption Index. Along with India and Nigeria, the country is in the top 20 in this indicator.
The regulation of the sector is also in the spotlight. The Financial Supervisory Authority (OJK) plans to apply the same rules to cryptocurrencies as to other financial instruments from January 12, 2025.
The popularity of cryptocurrencies in Indonesia is due to the young generation that is actively involved in this sector. Approximately 60% of all crypto investors are people between the ages of 18 and 30. The most popular assets among Indonesian traders are altcoins, including Solana and Ethereum, as well as stablecoins such as Tether (USDT) and Bitcoin.
As such, Indonesia continues to strengthen its position in the global cryptocurrency market, demonstrating impressive growth and adoption of new technologies.
