VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

VOInews, Jakarta – Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) has reported that cryptocurrency transactions in the country reached an astonishing Rp475.13 trillion between January and October 2024. This figure marks an extraordinary surge of 352.89% compared to the same period in 2023, which recorded transactions worth Rp104.91 trillion.

Bappebti’s Head, Kasan, attributed this remarkable growth to the rising enthusiasm of Indonesians for digital asset trading. “Cryptocurrency trading has become one of the most favoured investment options among the public. This significant growth also underscores Bappebti’s role in fostering the development of Indonesia’s cryptocurrency ecosystem,” Kasan remarked on Thursday (21 November).

The number of cryptocurrency users has also risen substantially. As of October 2024, the total number of users reached 21.63 million, with 716,000 actively trading through Physical Crypto Asset Traders (PFAKs). The top-traded cryptocurrencies included Tether (USDT), Ethereum (ETH), Bitcoin (BTC), Pepe (PEPE), and Solana (SOL).

A Boost to State Revenue

Kasan highlighted that this rapid growth has directly benefited the state’s revenue. “From 2022 to October 2024, tax revenues from cryptocurrency transactions contributed Rp942.88 billion, showcasing the immense potential of this sector in bolstering the national income,” he explained.

Strengthening the Ecosystem and Promoting Literacy

To sustain this upward momentum, Bappebti has intensified collaboration with the Self-Regulatory Organisation (SRO), associations, and other stakeholders. This effort focuses on developing the cryptocurrency ecosystem, enhancing regulations, and improving public literacy.

“The public’s high enthusiasm for cryptocurrencies must be complemented by comprehensive education. This approach is crucial to ensuring protection, business certainty, and security in cryptocurrency trading,” Kasan added.

Young Generation Driving Market Growth

Data from Bappebti reveals that 75% of cryptocurrency users are young individuals aged 18-35. Bappebti’s Secretary, Olvy Andrianita, stressed the importance of literacy in supporting this trend. “The youth dominate the cryptocurrency market. Strengthening their financial literacy is essential to ensure they invest safely and wisely,” Olvy emphasised.

PFAKs Supporting Market Expansion

Meanwhile, Tirta Karma Senjaya, Head of the Bureau for Development and Supervision of Commodity Futures Trading, stated that seven companies are currently registered as PFAKs. These include PT Pintu Kemana Saja (Pintu), PT Bumi Santosa Cemerlang (Pluang), PT Aset Digital Berkat (Tokocrypto), and PT Kagum Teknologi Indonesia (Ajaib).

“Going forward, we hope that more companies currently operating as Candidate Physical Crypto Asset Traders (CPFAKs) will meet the requirements to become PFAKs, further strengthening the cryptocurrency trading ecosystem,” Tirta explained.

Bappebti recently issued Regulation No. 9 of 2024, updating the guidelines for cryptocurrency trading as part of its commitment to creating a more adaptive and robust market.

With exponential growth and widespread public interest, Indonesia’s cryptocurrency trading sector is poised to thrive further, solidifying the nation’s position as a significant player in the global market.

Source: Kemendag.go.id