Crypto Quill

Indonesia has seen a dramatic rise in cryptocurrency transactions in 2024, with a reported $29.9 billion (Rp 475.13 trillion) in total transactions as of October. This marks a staggering 352.89% increase from the same period last year, which saw transactions totaling just $6.6 billion (Rp 104.91 trillion). The surge in crypto trading has also surpassed the combined total from the past two years, with $19.5 billion (Rp 306.4 trillion) in transactions recorded in 2022 and $9.6 billion (Rp 149.3 trillion) in 2023.

Surge in Popularity and Market Growth

The sharp rise in crypto transactions highlights the increasing demand for digital assets among Indonesians. The head of Indonesia’s Commodity Futures Trading Supervisory Agency (Bappebti), Kasan, attributed the significant growth to the growing interest in crypto assets, suggesting that crypto trading is becoming an increasingly popular financial option in the country.

“This proves that cryptoassets have become one of the trading options that is currently in demand,” Kasan said in a statement on Thursday.

As of October 2024, Indonesia is home to 21.63 million registered cryptoasset customers. Out of these, approximately 716,000 people are actively trading through seven registered physical cryptoasset traders, such as Tokocrypto, Pluang, and Pintu. These platforms are central to the expansion of the crypto ecosystem in Indonesia, offering a user-friendly environment for both new and seasoned investors.

Leading Cryptocurrencies in Indonesia

Among the most popular cryptocurrencies in the country are Tether (USDT), Ethereum (ETH), Bitcoin (BTC), Pepe (PEPE), and Solana (SOL). These assets are fueling the trading boom, with Tether and Ethereum particularly leading the pack in volume. The rise in crypto transactions has contributed to Indonesia’s growing stature in the global digital asset market, positioning it as one of the world’s largest crypto trading hubs.

Economic Impact

The growing crypto market has also had a positive impact on Indonesia’s economy. Since 2022, the country has collected Rp 942.88 billion ($60 million) in taxes from crypto transactions, further bolstering state revenue. Kasan emphasized the role of increasing crypto adoption in fueling economic growth.

“The increase in cryptoasset customers and transactions will boost our state revenue, while also cementing Indonesia’s position as one of the world’s largest cryptomarkets,” he added.

With such robust growth, the outlook for Indonesia’s crypto market remains strong, setting the stage for continued expansion as more individuals and institutions participate in the trading of digital assets.