Indonesia’s Crypto Outlook for 2024

Indonesia’s crypto environment entered a new stage after the formation of the crypto exchange last July.

Artha Adventy

2 Jan 2024 - 20.24
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Indonesia’s Crypto Outlook for 2024

Illustration - A resident carried out activities near the cryptocurrency logo in Depok, West Java, Wednesday (12/4/2023)./Bisnis-Arief Hermawan P.

Bisnis, JAKARTA — The crypto asset environment in Indonesia entered a new stage when the official crypto exchange was formed by the Commodity Futures Trading Regulatory Agency or CoFTRA (Bappebti) in late July 2023. The goal was to provide safer trading, expecting to boost the sluggish crypto transactions.

According to CoFTRA data, the number of registered crypto asset customers reached 18.25 million as of November 2023, indicating a significant increase compared to the 16.7 million customers recorded at the end of 2022. Despite substantial growth, the crypto transaction value in November 2023 was only IDR122 trillion. There was a decrease of 58.87% in the crypto asset transaction value year-on-year (YoY).

This achievement represents a decline compared to the transactions throughout 2022, which amounted to IDR306.4 trillion and is much lower than 2021’s IDR859.4 trillion. Despite being a regulator, CoFTRA launched the Indonesian Crypto Exchange, touted as the world's first ecosystem to oversee crypto transactions. The exchange, PT Bursa Komoditi Nusantara or Commodity Future Exchange (CFX), officially launched in July to enhance investor protection.

CoFTRA claims that the role of the crypto exchange aligns with the spirit of accelerating industry growth by prioritizing investor security. The exchange aims to supervise and secure trading to protect and comfort crypto asset investors. In its mechanism, crypto asset trading still occurs for each trader, with the exchange overseeing all transactions.

Cek Berita dan Artikel yang lain di Google News dan WA Channel
Editor: Yusuf Waluyo Jati
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Indonesia’s Crypto Outlook for 2024

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