CoFTRA: Public Interest Investing In Crypto Assets Continues To Grow

Crypto illustration (Photo: dock. Unsplash)

JAKARTA - Crypto asset trading is considered still promising and continues to grow. Especially with the use of blockchain technology by global companies.

Head of the Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade Did Noordiatmoko said the addition of crypto asset customers was recorded at 141,800 customers in June 2023.

Meanwhile, until June 2023, said Didid, the number of registered crypto asset customers was 17.54 million.

"The customer data shows that public interest in investing in crypto asset trading continues to grow," he said in an official statement, Friday, July 21.

Didid said the value of physical trading transactions for crypto assets during June 2023 was recorded at IDR 8.97 trillion, an increase of 9.3 percent compared to the previous month.

The types of crypto assets that are widely transacted are Tether (USDT), Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Binance Coin (BNB).

"Meanwhile, the total transaction value for the January to June 2023 period was recorded at IDR 66.44 trillion, down 68.65 percent compared to the same period the previous year," he explained.

According to Didid, the decline in transaction value was due, among others, to the fact that the global crypto market experienced a decline in trading volume, the potential for a low liquidity crisis that had a negative impact on price stability and market efficiency, as well as soaring selling pressures which caused the price of crypto assets to be corrected.

Then, said Didid, the policy of the Federal Reserve of the United States Government regarding the increase in interest rates caused changes in people's behavior from those who previously chose to transact digital assets to switch to savings. In addition, currently people are still waiting for government policies related to the P2SK Law.

"However, in terms of using blockchain technology, more and more companies such as Meta, Google, and Twitter are starting to integrate blockchain technology in their business activities. This proves that in the future the development of physical trading of crypto assets is still quite promising," he said.