In 2024, the number of crypto users in Indonesia reached 22.1 million, and the market grew by 335.9%, reaching a trading value of $40.2 billion.
According to the Jakarta Globe, cryptocurrency trade increased by 335.9% in 2023, going from $9.2 billion to $40.2 billion. This increase is a sign of the growth in activities.
According to the Commodity Futures Trading Regulatory Agency (Bappebti) of the nation, the quick increase is due to the increasing number of Indonesian cryptocurrency users and the increasing transaction volumes in the market. In Indonesia, the most regularly traded cryptocurrencies are Tether (USDT), Bitcoin (BTC), Dogecoin (DOGE), Pepe (PEPE), and XRP (XRP).
Tirta Karma Senjaya, the CEO of Bappebti, is certain that the number of people in Indonesia who utilize cryptocurrency will soon exceed 25 million. He also pointed out that commodities futures trade continued to grow, increasing by 29.34% in 2024 and reaching a total of $2 trillion. Major commodities exchanged include tin, crude palm oil, gold, coffee, and cocoa.
Beginning in 2024, the Financial Services Authority of Indonesia (OJK) will take over the responsibility of overseeing cryptocurrency trading from Bappebti. On the other hand, Bappebti will continue to be responsible for regulating commodities futures trade.
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