Indonesian Crypto Market Soars 336% in 2024
Indonesian crypto market saw remarkable growth in 2024, with trading activity surging by 335.9%, reaching Rp 650.61 trillion ($40.2 billion), according to the Jakarta Globe.
| Key Takeaways: – The Indonesian crypto market grew by 335.9% in 2024, driven by a surge in users and transaction volumes. – The number of crypto users in Indonesia reached 22.1 million by November 2024, with expectations to surpass 25 million soon. |
The rapid expansion was driven by a growing user base and an increase in transaction volumes, as stated by the Commodity Futures Trading Regulatory Agency (Bappebti).
As of November 2024, the number of registered crypto users in Indonesia had risen to 22.1 million. Bappebti’s head, Tirta Karma Senjaya, expressed confidence in the Indonesian crypto market’s future, predicting that the user base could exceed 25 million in the near future due to growing public trust in cryptocurrency trading.
Among the top cryptocurrencies traded in Indonesia are Tether (USDT), Bitcoin (BTC), Dogecoin (DOGE), Pepe (PEPE), and XRP.
Bappebti also announced a transfer of cryptocurrency regulation responsibilities to the Financial Services Authority (OJK) this year while retaining authority over commodity futures trading.
In addition to cryptocurrency, Indonesia’s commodity futures market also experienced significant growth in 2024, with a 29.34% year-on-year increase in trading values, reaching Rp 33,214 trillion ($2 trillion). Key commodities in the market included tin, crude palm oil, gold, coffee, and cocoa.
| Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor. |
