Amazing, Crypto Transactions in Indonesia Soar 506%

Todaysgist.com, Jakarta – The volume of crypto asset trading transactions in Indonesia recorded a significant figure in May 2024. Based on data from the Indonesian Commodity Futures Trading Supervisory Agency (Bappebti), crypto transactions reached IDR 49.82 trillion, a spike of 506.83% compared to May 2023.

From January to May 2024, the total transaction value reached IDR 260.9 trillion, exceeding the total transactions throughout 2023 which amounted to IDR 149.3 trillion. This increase shows a positive trend and increasing public interest in crypto assets in Indonesia.

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

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

Although the challenges facing the global crypto market today are quite complex. The unstable macroeconomic situation, coupled with the Fed's attitude which has not yet softened its monetary policy, is putting pressure on the crypto market. Additionally, weaker Bitcoin ETF inflows from institutional investors in the United States also affected market sentiment.

“However, we remain optimistic about the growth of the crypto industry in Indonesia, because public interest and trust in crypto assets continues to increase,” said Yudho.

Meanwhile, the number of crypto investors in Indonesia as of May 2024 has decreased to 19.75 million customers, compared to April 2024 which reached 20.16 million.

This decrease was caused by data adjustments after one of the Prospective Crypto Asset Physical Traders (CPFAK) stopped operating. On the other hand, the number of active investors making transactions in May 2024 was recorded at 893,541, with an additional number of investors amounting to 363,101 in that month.