One of the most crypto-supporting countries, Indonesia has witnessed a drastic increase in crypto adoption this year with its transaction count rising over 350%, compared to past year.
According to a report from the local news outlet Investor.ID, the past year’s total crypto transaction amounts to $30 billion till October – which has exceeded the total of 2022 and 2023 of $19.4 billion and $6.5 billion respectively.
The Commodity Futures Trading Supervisory Agency (Bappebti), which oversees the cryptocurrency market in the country confirmed that the amount is an increase of over 352.89% compared to last year.
However, this number is still below the target of $54 billion that the country has set for 2024. This amount is equal to the total transactions that happened in 2021 when the cryptocurrency market was in the most bullish phase.
The regulator also specified that Indonesia’s most popular crypto assets are Solana (SOL) and Ethereum (ETH), followed by stablecoin Tether (USDT) and Bitcoin (BTC).
Besides, the report also highlights that the figure of crypto investors has also increased to 21 million and over 716,000 traders are registered on domestic crypto exchanges.
