Indonesia has opened its own national crypto exchange. The platform will become the only place in the country where digital assets can be traded legally. Earlier it was announced that the exchange will only process local transactions while they are “linked to developments in international markets”. The launch of the exchange was on July 20 announced.
A national crypto exchange
Plans to launch a national Indonesian crypto exchange started in 2021. Initially, the launch was planned for the end of 2022. However, the finishing touches took a bit longer. For the time being, it seems that the national platform will act as a kind of umbrella exchange where registered exchanges can serve Indonesian customers.
While we may not hear much from Indonesia in the crypto corridors, this is pretty big news. Crypto is immensely popular in the Southeast Asian country. With a population of almost 300 million people, we can therefore speak of a demographic giant. The opening of a national Indonesian crypto exchange is therefore likely to be a catalyst for the regional and global adoption of crypto.
Crypto very popular in Indonesia
Currently estimated to make over 17 million people in the country using crypto assets. That is the same as the entire Dutch population. This number is also increasing very quickly. A few years ago this counter was still at 5 million people. With the launch of the national crypto exchange, this amount may therefore gain momentum.
Indonesia was also in last year the top 20 of countries when it comes to crypto adoption. The country scored especially high when it comes to peer to peer transactions. So using crypto to exchange money is very popular. Based on this ranking, it is striking that Asian countries are at the forefront of global crypto adoption. For example, Vietnam and the Philippines are the two predecessors and the Netherlands can be found at number 39.