Indonesian Crypto Transaction Value Decreases, CoFTRA is Optimistic that Crypto Assets will Rise

Crypto asset illustration (Photo: Unsplash)

JAKARTA - The number of crypto investors in Indonesia as of April 2023 has reached 17.25 million people.

According to the Commodity Futures Trading Regulatory Agency (Bappebti), this number has increased by 11,000 people or 0.64 percent compared to March 2023 which reached 17.14 million people.

If viewed on an annual basis, there was an increase of around 3.52 million people or 25.64 percent or 13.73 million from April last year. However, the growth in the number of crypto investors tends to slow down. Because in the last year, the growth was only 7.52 percent until April 2023.

Furthermore, in April 2023, the value of crypto transactions reached IDR 10.77 trillion. This figure decreased by 14.15 percent from the previous month which reached IDR 12.54 trillion. When compared to the same month last year, crypto transactions in Indonesia reached IDR 36.91 trillion, meaning there was a decrease of 70.82 percent.

Despite the downward trend in transaction values, the Head of CoFTRA, Didid Noordiatmoko, expressed optimism for the development of crypto assets in 2023. He projects that although slowly, crypto assets will rise.

"Even though the value of the transaction has decreased, the number of customers has increased. This shows that enthusiasts in crypto assets have indeed experienced a very extraordinary increase," Didid was quoted as saying in a statement received in Jakarta.

When crypto has its ups and downs, Bappebti continues to work hard in regulating and improving crypto-related rules.

According to Didid, this effort will become capital when crypto rises again.

Tokocrypto VP Corporate Communication, Rieka Handayani, also expressed optimism about the development of crypto asset investment in Indonesia.

"We are optimistic that the development of crypto asset investment in Indonesia will continue to show positive numbers. Our target is to continue to increase the number of transactions or trading volume and the number of investors with sufficient understanding of the world of crypto investment," explained Rieka.

With trends that continue to show positive numbers, Rieka thinks that the prospects for investing in crypto assets in Indonesia will continue to be promising in the future.

In addition, the government and related institutions are increasingly trying to create a conducive environment for the growth of the crypto market, both CoFTRA and the Financial Services Authority (OJK), including by regulating policies that support and protect investors.

All these factors give confidence that crypto assets have bright potential in Indonesia as one of the fast growing crypto markets.

"Going forward, we will continue to optimize our business strategy by focusing on crypto exchange as a company fundamental and increasing product innovation, service and customer security," he concluded.