Riding High in the Digital Age

• Cryptocurrency investors in Indonesia have surpassed 17 million by June 2023.
• Indonesia’s crypto market has grown due to the younger generation’s interest and the ease of digital wallet use.

CNBC INDONESIA RESEARCH Reveals Surprising Stats. In a recent virtual press conference, Hasan Fawzi, the Head of Financial Sector Innovation Supervision, Digital Asset Finance, and Crypto Asset, shared that the number of crypto investors in Indonesia now exceeds its stock market, clocking in at an impressive figure of more than 17 million.

Rapid Growth in Crypto Investments

As of June 2023, the recorded number of cryptocurrency users stood at 17.54 million, with an average monthly increment of approximately 490,000 users. The crypto transaction value also spiked by 9.3% in June 2023, hitting IDR 8.97 trillion. From January to June 2023, the total transaction volume reached IDR 66.44 trillion. Among the traded cryptocurrencies, Tether, Bitcoin, Ethereum, Ripple, and Binance Coin stood out, as per data from Bappebti.

“It’s extraordinary to see the rise in investors keen on cryptocurrency-related activities,” Hasan remarked during the press conference.

He believes that the increasing trend will continue as cryptocurrencies align with current public needs. “We are optimistic that digital and crypto assets are what the public has been waiting for. However, while recognizing the potential, it’s crucial for the Financial Services Authority (OJK) to enlighten people about the associated risks,” Hasan added.

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Strategies for Inclusive Crypto Investment

Hasan aims for crypto investment in Indonesia to be inclusive, touching all societal layers. Strategies are in place, including fostering the growth of the nascent financial technology industry in the country.

On a related note, the regulation and oversight of cryptocurrency exchanges in Indonesia are expected to shift from Bappebti to the Financial Services Authority (OJK) within the next two years. Desmond Wira, an investment practitioner, pointed out that Indonesia’s crypto exchange model can take cues from existing stock exchanges. He also emphasized that the country’s current crypto exchange infrastructure, managed by PT Bursa Komoditi Nusantara with PT Tennet Depository Indonesia overseeing crypto asset storage, is unique.

Wira believes that there’s no global standard yet for cryptocurrency exchanges, which makes Indonesia’s model all the more pioneering. The establishment of Indonesia’s crypto exchange was based on the Decision of the Head of Bappebti Number 01/BAPPEBTI/SP-BBAK/07/2023 dated 17 July 2023.

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