Opinion
Indonesia emerges as a global Web3 leader with high crypto adoption, a young tech-savvy population and supportive regulations.
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Indonesia News
Indonesia, or officially the Republic of Indonesia, is a state in Southeast Asia. Indonesia is the fourth largest country in the world by population and it is one of the most perspective countries for economic development. In terms of cryptocurrency, Indonesia’s central bank announced that cryptocurrency was illegal in 2017 and, after that, there were meetings conducted with the aim of creating regulations of the cryptocurrency market. Currently, Indonesia’s Bitcoin market is less than one percent of the global cryptocurrency market. There are two Indonesian Bitcoin exchange platforms. However, they sell Bitcoin only at a fixed price. Nevertheless, Indonesian authorities have recently claimed a neutral position about cryptocurrency in Indonesia.
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2024 transaction totals are up more than 350% year-over-year, but still well below Indonesia’s 2021 highs.
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The total volume of crypto transactions in Indonesia in September reached 33.7 trillion Indonesian rupiah, worth $2.1 billion.
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Indonesia’s state-owned postal service has launched a physical postage stamp with an NFT counterpart.
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IADERN principal Tuhu Nugraha believes that the prolonged and complex registration process hampers growth and innovation in Indonesia’s crypto ecosystem.
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Binance described Tokocrypto as its “subsidiary,” suggesting that it may have a controlling stake in the Indonesian trading platform.
3041 - Spotlight
Bali Blockchain Summit highlighted how Indonesia is embracing blockchain technology to drive economic growth and digital transformation.
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Telegram has reportedly failed to improve moderation and issue a resolution over illicit content distribution after several requests from Indonesia.
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Mercuryo integrates crypto on-ramp solutions in Indonesia, enabling users to convert their Indonesian rupiah into 40 digital tokens, including BTC, ETH and USDT.
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The world’s leading AI semiconductor chipmaker, Nvidia, has teamed up with the Indonesian government and telecom provider Indosat to create a multimillion-dollar AI center in the country.
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The Indonesian financial authorities said that by the beginning of 2025, the government will implement a regulatory sandbox for crypto assets in an effort to prevent fraudulent investments.
6616 - Newsletter
The CryptoPunks collection recorded another $16-million transaction this month as CryptoPunk #7804 sold for 4,850 ETH on March 20.
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An Indonesian man who earned $1 million by selling nonfungible token selfies on OpenSea re-appeared with the second iteration of his NFT project.
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Five United States senators have joined hands to fight President Joe Biden’s plans to issue a “digital dollar.”
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The Commodity Futures Trading Regulatory Agency of Indonesia has urged a reevaluation of the country’s 0.1% capital gains tax and 0.11% VAT on crypto transactions.
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