Indonesia Prepping Crypto & Blockchain Ecosystem for Asian Competition

Countries in Central Asia are actively vying to establish themselves as hubs for the development of crypto to blockchain technology, and Indonesia is also actively participating in this trend

Artha Adventy & Asteria Desi Kartikasari

2 Feb 2024 - 20.52
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Indonesia Prepping Crypto & Blockchain Ecosystem for Asian Competition

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Bisnis, JAKARTA— Countries in Central Asia are actively vying to establish themselves as hubs for the development of crypto to blockchain technology, and Indonesia is also actively participating in this trend. Leveraging crypto asset trading can be seen as one of the government's strategies to expedite and foster digital economic growth in Indonesia.

The year 2023 marked a significant recovery in the crypto market, witnessing a notable increase in total market capitalization by approximately 108%. This growth was propelled by advancements in digital assets, particularly during the Q1 and Q4, which saw increases of 48.3% and 54.4%, respectively. This situation marks a significant contrast compared to the market decline of approximately 64% observed in 2022.

Read more: Indonesia’s Crypto Outlook for 2024

The remarkable performance in 2023 is underpinned by several positive developments in the crypto sphere. These include optimism surrounding spot Bitcoin ETFs and anticipation of the Bitcoin halving. Additionally, more stable macroeconomic conditions, such as consistent global GDP growth and decreasing inflation, have also contributed to the positive performance this year. Bitcoin remains the most dominant cryptocurrency, controlling 50.2% of the total market capitalization.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.