Crypto Transactions In Indonesia Rise But Number Of Investors Decreases, What's Up?

Tokocrypto CEO Yudhono Rawis (photo: Dinda Buana/VOI)

JAKARTA - As of May 2024, data from the Indonesian Commodity Trading Futures Supervisory Agency (CoFTRA) shows that crypto transactions in Indonesia reach IDR 49.82 trillion.

Thus, it can be said that the volume of crypto transactions in the country has increased by 506.83 percent compared to May 2023.

This increase shows a positive trend and people's increasing interest in crypto assets in Indonesia.

Deputy Chairperson of the Association of Indonesian Crypto Assets Blockchain & Traders (Aspakrindo-ABI), Yudhono Rawis, said the growth of crypto transactions was very positive.

According to him, this reflects the higher interest of the public in investing in crypto in Indonesia, despite the various challenges facing this industry.

"The challenges facing the global crypto market are currently quite complex. The macroeconomic situation is not yet stable, coupled with the Fed's un softened stance on its monetary policy, putting pressure on the crypto market," said Yudho.

In addition, the weakening inflow of Bitcoin ETF from institutional investors in the United States is also considered to be able to affect market sentiment.

"Nevertheless, we remain optimistic about the growth of the crypto industry in Indonesia, because public interest and trust in crypto assets continues to increase," he said.

Meanwhile, the volume of transactions increased, the number of crypto investors in Indonesia until May 2024 actually decreased to 19.75 million subscribers, compared to April 2024 which reached 20.16 million.

According to Yudho, this decline could be caused by data adjustments after one of the Candidates for Physical Crypto Asset Traders (CPFAK) stopped operating.

However, Yudho believes that the process of closing CPFAK entities will not have a significant impact on the development of the crypto industry in Indonesia.

Because according to him, the potential and growth in terms of the number of investors and the value of transactions are still clearly visible in the future.