Crypto Transactions Soar At The End Of 2023

Illustration (Photo: Doc. Antara)

JAKARTA - The Indonesian crypto market shows significant signs of growth at the end of 2023.

Based on data from the Commodity Futures Trading Supervisory Agency (CoFTRA), from October to November 2023, the value of crypto asset transactions jumped from IDR 10.5 trillion to IDR 17.09 trillion, which scored an increase of around 62.8 percent month on month (mom), with a total accumulation of IDR 121.99 trillion until November 2023.

Head of the CoFTRA Futures Trading Development and Development Bureau, CoFTRA, Tirta Karma Senjaya, said that the total number of crypto investors in Indonesia reached 18.25 million people as of November 2023.

This number increased by 19,000 people, an increase of 1.05 percent compared to October 2023 which was 18.06 million people.

"This increase indicates the growing interest of the Indonesian people in digital assets," he said.

Tirta explained that the upward trend in transactions was caused by many investors who were trading in the short term while waiting for the Bitcoin halving in 2023.

Meanwhile, Tokocrypto CEO Yudhono Rawis expressed strong optimism for the prospects for the crypto industry in Indonesia.

According to him, the increase in transaction value at the end of 2023 is a positive signal that shows a high public interest in crypto assets.

This is a solid foundation for the growth of the crypto industry in 2024.

"Despite the challenges in the market, we remain optimistic that the crypto industry in Indonesia will continue to grow in 2024. We believe that Indonesia has great potential to become one of the main players in the crypto industry with the support of various stakeholders and the strengthening of innovative regulations," Yudho said in a press release, Friday, January 5.

The crypto industry in Indonesia not only shows impressive growth, but also displays great potential for the future. This is supported by several factors, including the large population of Indonesia, which is around 270 million people.

Yudho added that the high level of digital literacy among Indonesians could be an opportunity for the crypto industry.

Regulations that are starting to become conducive for the development of the crypto industry.

With this great potential, the crypto industry in Indonesia is expected to continue to grow rapidly in the coming years.

Tokocrypto itself recorded profitability with a 40 percent increase in the value of crypto trading transactions, an average of more than 500 million US dollars during the fourth quarter of 2023.

This confirms that the industry's prospects appear to continue with a strong momentum in 2024.

"We will continue to innovate and provide the best service to our users, to support the growth of the crypto industry in Indonesia," concluded Yudho.