Indonesia has become one of the most crypto-supportive countries, experiencing a drastic increase in crypto transactions by over 350% this year.
Sharp Increase in Crypto Transactions
According to local news outlet Investor.ID, the volume of crypto transactions in the country reached $30 billion by October this year, exceeding the totals of 2022 and 2023, which were $19.4 billion and $6.5 billion respectively. The Commodity Futures Trading Supervisory Agency (Bappebti) confirmed an increase of 352.89% compared to last year.
Popular Crypto Assets
The regulator further specified that Indonesia’s most popular crypto assets are Solana (SOL) and Ethereum (ETH), followed by stablecoin Tether (USDT) and Bitcoin (BTC).
Growth in Investors and Traders
The report also highlights that the number of crypto investors has increased to 21 million and over 716,000 traders are registered on domestic crypto exchanges.
Despite the significant increase in transaction volume, the current figure is still below the target of $54 billion that the country has set for 2024. This target matches the transaction volume of 2021 when the cryptocurrency market was at its most bullish phase.
