Indonesian Crypto Users to See Strong Growth in 2024
Key Points: Indonesian crypto users have reached 22.1 million, with the market growing by 335.9% in 2024, reaching $40.2 billion in trading value The most actively traded cryptocurrencies in Indonesia are USDT, BTC, DOGE, PEPE, and XRP, with expectations to surpass 25 million users soon. The Indonesian crypto market has witnessed remarkable growth in 2024, with the number of registered users reaching 22.1 million by November, marking a significant increase in both user base and transaction volumes. Read more: Indonesia Unleashes A Thriving Crypto Ecosystem With National Exchange Launch Indonesian Crypto Users Soar with 335.9% Growth in 2024 The surge in activity is reflected in a 335.9% rise in cryptocurrency trading, which soared to $40.2 billion from $9.2 billion in 2023, according to the Jakarta Globe. The country’s Commodity Futures Trading Regulatory Agency (Bappebti) credits this rapid growth to the rising number of Indonesian crypto users and the growing transaction volumes within the market. Key cryptocurrencies such as Tether (USDT), Bitcoin (BTC), Dogecoin (DOGE), Pepe (PEPE), and XRP (XRP) remain the most actively traded in Indonesia. Bappebti Shifts Crypto Oversight to OJK Tirta Karma Senjaya, head of Bappebti, expressed confidence that the number of Indonesian crypto users will soon reach 25 million. He also highlighted the continued expansion of commodity futures trading, which rose by 29.34% in 2024, reaching $2 trillion. Major commodities traded include tin, crude palm oil, gold, coffee, and cocoa. Bappebti will transfer oversight responsibilities for cryptocurrency trading to Indonesia’s Financial Services Authority (OJK) starting in 2024. However, Bappebti will retain its role in regulating commodity futures trading. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.