Indonesia Has 11.2 Million Crypto Players with Rp859 Trillion Worth of Transactions

JAKARTADAILY.ID - The Vice Minister of Trade Jerry Sambuaga said the number of crypto asset customers who are currently registered for transactional service has reached 11.2 million as of January 2022 in Indonesia.

The accumulation of transactions in 2021 has reached Rp859,4 trillion, making an average of Rp2,3 trillion per day. The number rose significantly compared to the crypto asset transaction to years ago in 2020 which was only Rp65 trillion.

"The figures show that there has been a very rapid and very significant increase in enthusiasm [in crypto],” The Vice Minister said on a live talk show at the Trade Minister social media in Jakarta, as quoted by ANTARA, Monday, February 14, 2022.

The Trade Ministry saw a need for good rules and regulations to create a healthy ecosystem for crypto asset trading activity. The rules will be controlled by the Ministry of Trade with the assistance of the Commodity Futures Trading Supervisory Agency (CoFTRA).

Vice Minister Sambuaga firmly stated that crypto is not a medium of exchange in this country. Because the only official exchangeable currency in Indonesia is the Rupiah.

"This is in accordance with the law, according to rules, according to regulations. Therefore, we [will] follow the regulation that crypto cannot be used as a means of payment, but as a commodity," said the Vice Minister of Trade.

The article was translated from Pikiran-Rakyat.com's article titled "Pemain Kripto di Indonesia Capai 11,2 Juta, Transaksi Tembus Rp859 T".

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