CoFTRA Hopes Indonesian Crypto Asset Transactions Reach IDR 600 Trillion Next Year

Head of the Commodity Futures Development and Development Bureau CoFTRA, Tirta Karma Senjaya (right) (photo: Dinda Buana/VOI)

JAKARTA - Head of the Commodity Futures Market Development and Development Bureau CoFTRA, Tirta Karma Senjaya hopes that crypto asset transactions in Indonesia can reach more than Rp600 trillion by the end of this year.

Based on CoFTRA data, from February 2021 to September 2024, the transaction value of crypto assets exceeded IDR 426.69 trillion. This figure is up 351.97% on an annual basis, which is IDR 94.41 trillion.

"Hopefully until the end of the year it can increase, at least approaching Rp600 trillion," said Tirta on the sidelines of the Indonesia Blockchain Week (IBW) 2024 event on Tuesday, November 19 in Jakarta.

In addition, Tirta also hopes that next year, crypto assets can achieve new all-time-highs such as in 2021, where in that year crypto asset transactions jumped IDR 859.4 trillion.

"Even though it hasn't surpassed the 2021 achievement, it's still extraordinary. Hopefully in 2025 there will be a new all-time high, so transactions will increase again," he said further.

Head of the Commodity Futures Market Development and Development Bureau, Tirta Karma Senjaya, hopes that crypto asset transactions in Indonesia can reach more than Rp600 trillion by the end of this year.

He is optimistic that crypto transactions in Indonesia can increase, especially according to him, CoFTRA has launched virtual futures products, derivative assets that can track the price of crypto assets, but do not have an expiration date.

Ideally, according to Tirta, if this individual futures starts running, the volume can reach three to four times compared to the spot market or public financial market where assets are traded instantly, or on the spot.

"In the future, the potential of the crypto market in Indonesia can reach more than Rp1,000 trillion. Therefore, we must maintain this momentum," he said.