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A Crypto Trading Boom is Happening in One of the Largest Countries in Southeast Asia: Here are the Top Altcoins They Trade the Most
Indonesia's cryptocurrency market experienced explosive growth in 2024, with a transaction value reaching 650.61 trillion Rp, an increase of 335.9% compared to the previous year, reaching (40.2 billion dollars).
Sharp increase, announced by the chairman of the Commodity Futures Trading Regulatory Agency (Bappebti) Tirta Karma Senjaya, at a press conference held in Banten, South Tangerang.
As of November 2024, there are approximately 22.1 million registered cryptocurrency users in Indonesia, which represents a significant increase in public confidence in crypto trading.
Tirta said, "These numbers show the increasing trust of the public in cryptocurrency trading in Indonesia," and added that the number of users is expected to reach 25 million in the near future. The increase in trading activities indicates a sharp jump from a total of 149.25 trillion Rp in 2023 to (9.2 billion dollars).
Among the most actively traded cryptocurrencies in Indonesia are Tether (USDT), Bitcoin (BTC), Dogecoin (DOGE), Pepe (PEPE) and XRP (XRP).
Starting from this year, Bappebti will transfer its regulatory oversight of cryptocurrency trading to the Financial Services Authority OJK(OJK). However, the institution will continue to oversee commodity futures, which have experienced significant growth.