Indonesia, known as one of the countries highly supportive of cryptocurrencies, has experienced a remarkable upswing in crypto adoption this year. The number of crypto transactions has soared by over 350% when compared to the previous year.
A report from the local news outlet Investor.ID reveals that as of October this year, the total amount of crypto transactions reached $30 billion. This figure has surpassed the combined totals of 2022 and 2023, which were $19.4 billion and $6.5 billion respectively.
The Commodity Futures Trading Supervisory Agency (Bappebti), responsible for overseeing the cryptocurrency market in the country, has confirmed that this represents an increase of more than 352.89% compared to last year.
Nevertheless, despite this significant growth, the current amount is still shy of the country’s target of $54 billion set for 2024. In fact, the $54 billion target is equivalent to the total transactions that took place in 2021, when the cryptocurrency market was in its most bullish phase.
The regulator further specified that among the various crypto assets in Indonesia, Solana (SOL) and Ethereum (ETH) are the most popular, followed by the stablecoin Tether (USDT) and Bitcoin (BTC).
Moreover, the report also emphasizes that the number of crypto investors has climbed to 21 million, and over 716,000 traders have registered on domestic crypto exchanges.
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