Indonesia Is EXPECTed To Enter The Top Crypto Market Globally

JAKARTA - The market for crypto assets in Indonesia continues to grow in terms of the number of investors, even though there is a crypto winter or a fall in the value of crypto. This growth then encouraged Indonesia to enter the top ranks of the global crypto market.

Data from CoFTRA notes that the number of crypto investors registered until September 2022 reached 16.3 million customers with an average increase in the number of registered subscribers of around 692 thousand each month.

Meanwhile, the value of crypto trading transactions in Indonesia, in January-September 2022, was recorded at IDR 266.9 trillion, down 57.8 percent compared to the same period in 2021.

Chairman of the Indonesian Crypto Asset Traders Association (ASPAKRINDO), Teguh Kurniawan Harmanda, sees that the domestic crypto market still has a great opportunity to continue to grow.

According to him, currently more and more individuals are interested in investing in crypto and blockchain spaces, although they are less familiar with digital assets.

"The number of domestic crypto investors continues to increase, even though the market is sluggish. This means that many individuals are starting to be interested in crypto and blockchain investment," said the man who is familiarly called Manda, in a statement received by VOI, Friday, October 21.

"But in our analysis, there are still many who fully understand about this digital asset, so a sustainable educational program is needed," said Manda.

In the Toluna report, Manda explained, Indonesia is projected to be included in the top global crypto market in the next 6 months. Because according to him, Indonesia is classified as a developing country that has positive sentiment towards crypto assets, compared to developed countries.

"In the report, Indonesia is said to be stronger to develop the crypto industry. The reason is, people in emerging markets, such as Indonesia, continue to have more optimistic sentiment about crypto," he explained.

Other countries that are projected to experience an increase in the crypto market together with Indonesia are Thailand, the UAE, India, the Philippines, and Brazil.

"This research is expected to provide a good start in understanding the future of crypto and how business actors in this industry can play a relevant role in this ever-changing digital landscape," concluded Manda.