Indonesia Cryptocurrency Trade Surges 335.9% to $40.2 Billion in 2024

Indonesia Cryptocurrency Trade Breaks Records with Over 335% Growth

According to the Jakarta Globe, Indonesia’s cryptocurrency trade activity increased by 335.9% in 2024 to reach Rp 650.61 trillion ($40.2 billion). Higher transaction volumes and a growing user base were cited by the Commodity Futures Trading Regulatory Agency (Bappebti) as the reasons for this exponential rise.

The report states that as of November 2024, there were 22.1 million registered cryptocurrency users. The head of Bappebti, Tirta Karma Senjaya, expressed optimism that the user base will soon surpass 25 million and emphasized the growing public confidence in cryptocurrency trading.

Bitcoin, Dogecoin, and XRP Among Indonesia’s Most Traded Cryptos Amid Regulatory Overhaul

Bitcoin (BTC), Dogecoin (DOGE), Pepe (PEPE), XRP, and Tether (USDT) are some of the most regularly traded cryptocurrencies in Indonesia. Although the Financial Services Authority (OJK) will continue to have jurisdiction over commodity futures trading, Bappebti said that it will hand over its responsibility in cryptocurrency regulation to the OJK this year in a regulatory change intended to simplify monitoring.

The Jakarta Globe further stated that 19 ports in Indonesia accept the ICDX, which enables both spot and future operations. Exchange participation is limited to domestic firms and is voluntary.

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