Massive Development In Indonesia, 2024 Crypto Asset Transactions Will Be Lampau 2023

Crypto Assets (Photo; Antara)

JAKARTA - The transaction value of crypto assets throughout 2024 is predicted to continue to grow and exceed the achievement in 2023. Moreover, seeing the massive development of crypto in Indonesia.

"The total number of crypto transactions in 2024 is likely to be greater than in 2023. Currently, the total crypto transactions in Indonesia are 33 percent from the previous year," said Indodax CEO Oscar Darmawan quoting Antara.

Based on data from the Commodity Futures Trading Supervisory Agency or CoFTRA, the total value of crypto asset transactions throughout 2023 reached IDR 149.25 trillion.

"CoFTRA has also targeted total transactions this year to reach Rp800 trillion, as in 2021 yesterday. It is possible that this could happen. Moreover, this year there will be a Haling Bitcoin and altcoin seasons," said Oscar.

Oscar also explained that the large amount of potential that can be explored in Indonesia, especially, Indonesia will experience a demographic bonus spike in 2045.

The nature of the Indonesian people who are FOMO (fear of missing out), can be a trigger to increase crypto transactions in Indonesia.

According to Oscar, Indonesians basically dare to try new things and are afraid to be left behind by a trend. Moreover, according to data from BPS, 69 percent of Indonesia's population is in the age range of 15 to 64 years.

"Therefore, this harving can attract an increase in interest in crypto investment, in line with the dynamic pattern of community behavior and tends to follow technological developments," said Oscar.

Not only the adequate population, Oscar also said that support from regulators also greatly affects the development and increase of crypto assets in Indonesia.

Currently, he assesses that regulators in Indonesia are very open to the crypto industry to create a healthy crypto ecosystem.

"Based on an official statement that I heard from DK OJK, Mr. Hasan Fawzi, OJK, as an institution that will later regulate the Indonesian crypto industry will cooperate with authorities from various countries such as Singapore, Malaysia and Dubai (Union of the Arab Emirates) to improve the framework for regulating and supervising digital financial assets, including crypto assets," said Oscar.

As of January 2024, total crypto asset investors amounted to 18.83 million people, an increase of 320 thousand investors compared to the previous month. Meanwhile, the total accumulated value of crypto asset transactions throughout 2024 was recorded at IDR 48.82 trillion.