DAILY NEWS – Indonesian people are increasingly fond of investing in crypto assets. The Commodity Futures Trading Supervisory Agency (Bappebti) noted that the value of crypto asset transactions in semester I-2024 grew 354.17% compared to the same period in the previous year.
The value of crypto transactions in Indonesia reached IDR 301.75 trillion in the January-June 2024 period, whereas in the same period the previous year it was only recorded at IDR 66.44 trillion.
Meanwhile, despite adjustments made last May, the number of registered crypto asset customers as of June 2024 has now reached 20.24 million customers, with an average growth of around 430,500 customers per month since February 2021.
Head of the CoFTRA Commodity Futures Trading Development and Development Bureau, Tirta Karma Senjaya, said that the growth in the number of customers shows that Indonesian people are increasingly aware of and interested in the investment potential of crypto assets. Although last June the majority of crypto asset prices, including Bitcoin (BTC), experienced a decline.
“We hope that the transaction value and number of customers throughout 2024 will be higher than the previous year. CoFTRA is committed to continuing to support the growth of this industry through appropriate regulations and strong consumer protection,” said Tirta in an official statement, Thursday, (25/7 /2024).
The crypto coins that dominate trade in Indonesia are Stablecoins. Stablecoin Tether (USDT) is the crypto asset most traded by Indonesians based on transaction value in the period January to June 2024.
Apart from USDT, Bitcoin (BTC), Pepe (PEPE), Ethereum (ETH), and Solana (SOL) are also favorite crypto assets among Indonesian people.
As a crypto industry player, Tokocrypto CMO Wan Iqbal noted that the average daily trade at his company in June reached more than US$20 million, with the number of users exceeding 4 million. According to him, the future prospects for the crypto market are very promising, especially with the increase in Bitcoin prices which began to occur throughout July.
“We see good potential in August until the end of 2024. With increasing education and literacy about crypto assets, we are confident that this industry will continue to develop and provide significant benefits for the economy in Indonesia,” he explained.
Based on data from the Directorate General of Taxes, Ministry of Finance, crypto tax revenues have reached IDR 798.84 billion as of June 2024. These revenues consist of IDR 246.45 billion in 2022, IDR 220.83 billion in 2023, and IDR 331.56 billion. billion in the first half of 2024.
