Is crypto the next big thing in Indonesia?

Crypto is the next big thing in Indonesia. According to the Ministry of Trade, transactions for currencies like Bitcoin ( BTC) grew over 14 times from a total of 60 trillion rupiahs ($4.1 billion) in 2020 to a total of 859 trillion rupiahs ($59.83 billion) in 2021.

Is cryptocurrency legal in Indonesia?

For more local coverage of Indonesia, visit the new CoinDesk Indonesia website. In Indonesia, the use of crypto as a currency for payments is forbidden under both local regulations and Islamic law – which applies to roughly 87% of the country’s 273 million people.

What is Indonesia's cryptocurrency market like in 2021?

The Indonesian cryptocurrency industry and market experienced notable growth in 2021. In 2021, the number of global crypto holders has been estimated to have increased by 3.9% to more than 300 million crypto users worldwide, with more than 18,000 businesses already accepting cryptocurrencies as payment.

How cryptocurrencies gain traction in Indonesia?

Regulations, exchanges and local adoption help cryptocurrencies gain traction in Indonesia. Crypto is the next big thing in Indonesia.