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Indonesia – World’s 4th Largest Populous Country Sets Eyes on Becoming the Crypto Capital of Asia

A country with nearly 280 million tech hungry people, one of the largest markets in Asia & a huge unbanked  population are the factors driving crypto adoption in Indonesia. According to a recent report, 41% of all  Indonesians own crypto. 64% of people in Indonesia believe it’s a hedge against inflation, and 61% of people believe that crypto is the future of money. According to the Ministry of Trade, transactions for currencies like Bitcoin grew over 14 times from a total of 60 trillion rupiahs ($4.1 billion) in 2020 to a total of 859 trillion rupiahs ($59.83 billion) in 2021. 

This crypto growth in Indonesia is fuelled by many factors, but the most important ones are: • Robust & Receptive Regulatory Support from Government 

  • Fast Adoption of Crypto by Local Tech Companies 
  • Secure & Easy Cryptocurrency Trading 

Robust & Receptive Regulatory Support from Government 

The Indonesian government through its research, community interactions & education programs quickly  understood the challenges and opportunities in the crypto trade and introduced their first set of regulations  back in 2019. Cryptocurrency trading as a commodity in Indonesia is legal and is officially regulated by the  Commodity Futures Trading Regulatory Agency (BAPPEBTI), a body under the Ministry of Trade. Its main  objective is to provide legal security and to protect the interests of Indonesian crypto consumers.  

Fast adoption of crypto by local tech companies 

Indonesia’s digital sector is set to surpass $150 billion over the next few years. A rapid surge in crypto  adoption has compelled the tech sector to incorporate its visions with the crypto future. The cryptocurrency  gaming industry is worth billions of dollars due to blockchain technology enabling real-world trading of Non-Fungible Tokens (NFTs). NFT based games are booming in Indonesia and the people are making a living with the play-to-earn blockchain games. Recently, Javier Tan, Co-Founder & CEO of CREOENGINE, Indonesia’s leading NFT gaming company, commented:

“Indonesian game developers have started to rise to the spotlight in order to revolutionise the gaming industry in Indonesia. I believe that the crypto ecosystem is playing a  vital role in enlarging Indonesian’s gaming economy and gaming communities”. 

Secure & easy cryptocurrency trading 

Currently there are 17 companies registered and permitted by BAPPEBTI to exchange cryptocurrencies in  Indonesia. Indodax, Indonesia’s leading exchange, reported reaching 5,4 million members now, more than  100% increase compared to 2021. Oscar Darmawan, founder & CEO of INDODAX says:

“Legalizing a crypto asset in Indonesia is a long journey and is still not fully accomplished, but it is progressing smoothly and showing on a good track. It requires the whole ecosystem to support this movement to bring benefits to the  entire industry. I believe Indonesia has the potential to be the leader in blockchain development in Asia”.  

To discuss more on these topics & to shed light on the recent guidelines and regulations, Blackarrow  Conferences is back post pandemic with the 4th edition of their flagship conference ‘BLOCKJAKARTA – Crypto  2022 & Beyond’; scheduled for the 30th of June in Jakarta at the Ritz Calrton Pacific Place. 

Senior government ministers, government officers and industry leaders are speaking at the conference  giving their expert advice on crucial topics concerning the crypto and digital economy. Catch in on the action  on 30th June in Jakarta, register your seat now. 

Conference key topics include: 

  1. The Potential of Crypto Assets in Enhancing Indonesian Economy. 
  2. NFTs – Revolutionising the Gaming Industry in Indonesia. 
  3. Role of CoFTRA in the Regulation of Crypto Trading in Indonesia. 
  4. Development of the Digital Economy Ecosystem. 
  5. Web3: Blockchains & Token Based Economics. 
  6. To the Metaverse & Beyond: The Next Big Leap in Crypto. 

and much more… 

Conference website – https://www.blackarrowconferences.com/crypto2022.html. 

Blockjakarta 2022 is supported by: 

Ministry of Trade, Government of Indonesia | Ministry of Tourism & Creative Economy, Government of  Indonesia | INDODAX | CREOENGINE | Yield App | Asosiasi Blockchain Indonesia | Government Blockchain  Association | Indonesian Crypto Asset Traders Association | Indonesian Crypto Consumers Association | Frankfurt  Blockchain School, Germany | Center for Evidence Based Blockchain | Irish Tech News | DailySocial | Bitcoin Insider  | Coincodex | ICO Holder | The Cryptonomist | Blockchainmedia.id | Cryptopolitan | CoinQuora | CTv | Blocktides 

Join BlockJakarta – Crypto 2022 & Beyond conference to discuss the future of crypto & blockchain and  benchmark with peers from government, relevant industry sectors and solutions providers. 

Disclaimer: The information provided in this article is solely the author’s opinion and not investment or  legal advice – it is provided for educational purposes only.