- A significant growth in the number of crypto traders has also been witnessed and now it is standing at 21 million people.
- The Global Crypto Adoption Index of Chainalysis reveals that Indonesia is one of the fastest adopters of crypto over the globe.
- In Indonesia, among people aged between 18 to 30 years about 60% of the population are investing their money into crypto.
The crypto transactions in Indonesia have witnessed a new milestone as it recorded transactions of more than 475 trillion Indonesian rupiah or $30 billion. An agency in Indonesia, the Commodity Futures Trading Supervisory Agency (CoFTRA) recorded cryptocurrency market in Indonesia has witnessed significant growth by recording transactions of up to $30 billion until October 2024.
High transaction in the past two years
If we look at the transactions in the same period of time in 2023, it accounted for $6.5 billion. So, the country has seen a significant increase of 352%. Investor ID, a local media outlet reported on November 28 that the amount of transactions recorded in 2022 was around $19.4 billion. And this year the amount of transactions is more than that of the last two years.
However, it is still less than that of 2021 when the number of transactions amounted to about $54 billion as the cryptocurrency market was bullish at that time and the transactions of this year are still lower than this bar.
A significant growth in the number of crypto traders has also been witnessed and now it is standing at 21 million people among which 716,000 traders use local registered exchanges. With this data, Indonesia has positioned itself in the list of the biggest countries having crypto traders.
The fastest crypto adopter
The head of the CoFTRA, Kasan opinionated that it proves that crypto asset trading is among the trading options in which the people are interested.
The Global Crypto Adoption Index of Chainalysis reveals that Indonesia is one of the fastest adopters of crypto over the globe. Apart from Indonesia, India and Nigeria hold the top rank. The country has continuously positioned itself for the past three years in the top 20 global nations having the fastest crypto adoptions.
In the country, most of the crypto investors hail from the younger generation. Among people aged between 18 to 30 years about 60% of the population are investing their money into crypto.
