{"id":102065,"date":"2024-11-29T14:12:55","date_gmt":"2024-11-29T18:12:55","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=102065"},"modified":"2024-11-29T14:15:39","modified_gmt":"2024-11-29T18:15:39","slug":"indonesian-crypto-transactions-exceed-30b","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/indonesian-crypto-transactions-exceed-30b\/","title":{"rendered":"Indonesian Cryptocurrency Transactions Exceed $30B in 2024"},"content":{"rendered":"\n

Transaction totals in 2024<\/a> are up more than 350% year-over-year but still far lower than Indonesia's 2021 highs.<\/p>\n\n\n\n

\"Indonesian<\/figure>\n\n\n\n

The Indonesian cryptocurrency market reported over $30 billion in transactions from January to October 2024, a 350% year-over-year surge and the highest total since the 2021 bull market.<\/p>\n\n\n\n

Data from the Commodity Futures Trading Supervisory Agency shows that during the same period in 2023, Indonesia\u2019s crypto transactions\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> reached only $6.5 billion, significantly lower than the $19.4 billion recorded for all of 2022.<\/p>\n\n\n\n

Signs of a Crypto Recovery in Indonesia<\/h2>\n\n\n\n

Indonesia's cryptocurrency market has shown signs of recovery after a significant decline following its 2021 peak of approximately $54 billion. <\/p>\n\n\n\n

The downturn in 2022 was largely attributed to the government\u2019s \u201cdual taxation\u201d policy, which introduced a 0.1% tax on crypto gains in addition to standard gains taxes.<\/p>\n\n\n\n

Despite this setback, 2024 transaction totals have already surpassed the combined figures from 2022 and 2023, signaling a resurgence in market activity.<\/p>\n\n\n\n

\"Indonesian
Table indicating Indonesia\u2019s position as third on Chainalysis\u2019 Global Cryptocurrency Adoption index. Source: Chainalysis<\/em><\/figcaption><\/figure>\n\n\n\n

According to Chainalysis\u2019 Global Cryptocurrency Adoption Index, Indonesia remains a key player in the Oceania and Asia regions, which lead the world in cryptocurrency adoption. <\/p>\n\n\n\n

Indonesia ranks third globally, behind only India and Nigeria. Seven of the top ten countries for crypto adoption are from the Oceania\/Asia region.<\/p>\n\n\n\n

Crypto Adoption Among Young Indonesians<\/h2>\n\n\n\n

A recent Cointelegraph report highlighted that over 60% of cryptocurrency investors<\/a> in Indonesia are under 30 years old. <\/p>\n\n\n\n

While millennials (born between 1985 and 2004) dominate global cryptocurrency holdings, adoption rates in Indonesia and Oceania are higher among younger demographics compared to Europe and the US.<\/p>\n\n\n\n

This trend could be influenced by recent policy changes, including the relaxation of institutional investment restrictions under CoFTRA Regulation (PerBa) Number 9 of 2024. <\/p>\n\n\n\n

These adjustments may have contributed to the cryptocurrency rally in September.<\/p>\n\n\n\n

Amid ongoing government restructuring efforts initiated by President Prabowo Subianto, who assumed office in October, industry insiders are urging the government to revisit the \u201cdual taxation\u201d policy on crypto. <\/p>\n\n\n\n

This review comes as part of broader policy reforms aimed at enhancing the nation\u2019s economic framework.<\/p>\n","protected":false},"excerpt":{"rendered":"

Transaction totals in 2024 are up more than 350% year-over-year but still far lower than Indonesia’s 2021 highs. The Indonesian cryptocurrency market reported over $30 billion in transactions from January to October 2024, a 350% year-over-year surge and the highest total since the 2021 bull market. Data from the Commodity Futures Trading Supervisory Agency shows […]<\/p>\n","protected":false},"author":56,"featured_media":102076,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[12094,21193,152,376,390],"class_list":["post-102065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-adoption-2","tag-asia-3","tag-bitcoin","tag-cryptocurrencies","tag-indonesia"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/Indonesian-Cryptocurrency-Transactions-Exceed-30B-in-2024.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/102065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=102065"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/102065\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/102076"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=102065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=102065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=102065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}