DIGIVESTASI - According to the records of the Financial Services Authority (OJK), the cryptocurrency industry in Indonesia has experienced significant growth. This is the result of the hard work of all power players in the cryptocurrency industry in developing the Indonesian cryptocurrency ecosystem. Hasan Fawzi, CEO of Financial Sector Technology Innovation, OJK's Digital Financial Assets and Crypto Assets Supervisory Authority, said the total number of cryptocurrency investors in Indonesia will reach 19.18 million by February 2024.

This makes Indonesia the country with the seventh largest number of investors in the world. Total virtual currency transactions in Indonesia also reached 33.69 trillion rupiah in February 2024, and the cumulative total in 2024 reached 55.26 trillion rupiah. Responding to this, Indodax CEO Oscar Darmawan said this shows the growing public interest in crypto assets. Indodax remains committed to providing the best education and services to crypto investors in Indonesia.

Oscar also said that Indonesia has the potential to become a cryptocurrency hub because Indonesia has a strong enough foundation for the development of the Indonesian cryptocurrency industry. "Crypto hubs" refers to countries that have significant activity and development in the cryptocurrency industry and have significant influence around the world.
 

Indonesia is considered to have a potential market share to lead the crypto industry. Currently, 69% of Indonesia's population is between 15 and 64 years old. Indonesia is also expected to experience an increasing demographic bonus by 2045, with 80% of Indonesia's population currently unbanked or underbanked, according to Ministry of Finance (MoF) records.

"This is an opportunity and opportunity that must be utilized by educating about crypto investment," Oscar said in a written statement, Thursday, April 4, 2024.

Furthermore, Oscar said that Indonesians generally tend to have FOMO (fear of missing out) and are afraid to try new things. This FOMO characteristic can provide further impetus for the crypto industry to attract Indonesians to try crypto assets. "Moreover, people's behavior patterns are dynamic and tend to be brave in following technological developments.

With the right education and service support, we can utilize this huge potential and become a regional cryptocurrency hub that can strengthen Indonesia's position," he said.

Fully supported by regulations

Not only that, according to Oscar, the regulation of the crypto industry in Indonesia and the maturity of the ecosystem are also prerequisites for the crypto industry to continue to grow in Indonesia.

"The importance of regulation and a mature ecosystem in the cryptocurrency industry cannot be ignored. Clear and detailed regulations provide legal certainty to industry players and investors. We can create a stable and sustainable environment in which we can operate reliably," he explained.

According to Oscar Darmawan, the existence of virtual currency futures exchanges, clearing and custody, and mature regulations demonstrate Indonesia's strong commitment to developing regulations in line with the development of the virtual currency industry. This will give stakeholders more confidence in investing and developing their business in the cryptocurrency industry.

Furthermore, Oscar also emphasized the importance of public-private cooperation in strengthening Indonesia's cryptocurrency ecosystem. 

"IndoDax believes that public-private collaboration is key to the successful development of the crypto industry in Indonesia. With strong synergy, we can create an environment that encourages growth and innovation in this industry," Oscar said.

Find more news and articles on Google News