Indonesia’s Crypto Transactions Surge by 350%
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- 10 Dec 2024
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Indonesia has emerged as one of the leading countries in cryptocurrency adoption, experiencing a remarkable 350% increase in crypto transactions this year compared to the previous year. According to a report from local news outlet Investor.ID, the total value of crypto transactions in Indonesia has reached approximately $30 billion as of October, surpassing the totals of $19.4 billion in 2022 and $6.5 billion in 2021.
The Commodity Futures Trading Supervisory Agency (Bappebti), which regulates the cryptocurrency market in Indonesia, confirmed this significant increase, noting that the current transaction volume represents a growth of over 352.89% from last year. Despite this impressive rise, the total transactions still fall short of the ambitious target of $54 billion set by the Indonesian government for 2024. This target aims to match the peak transaction levels seen in 2021, during a period of heightened market enthusiasm for cryptocurrencies.
The report also highlighted the most popular cryptocurrencies among Indonesian investors. Solana (SOL) and Ethereum (ETH) have emerged as the leading assets, followed closely by the stablecoin Tether (USDT) and Bitcoin (BTC). This trend indicates a growing interest in a diverse range of digital assets beyond just Bitcoin, reflecting a more sophisticated understanding of the crypto market among Indonesian investors.
In addition to the surge in transaction volume, the number of crypto investors in Indonesia has also seen significant growth, reaching 21 million. Furthermore, over 716,000 traders are now registered on domestic crypto exchanges, showcasing a robust and expanding market for cryptocurrency trading in the country.
Indonesia's dramatic increase in cryptocurrency transactions signals a strong trend towards digital asset adoption, driven by a growing investor base and a diverse range of popular cryptocurrencies. While the country has set ambitious targets for future growth, the current trajectory suggests that Indonesia is well on its way to becoming a significant player in the global cryptocurrency landscape. As regulatory frameworks continue to evolve, the potential for further growth in this sector remains substantial.
