Report: Indonesia leads global surge in interest in crypto
Indonesia saw a massive 1,772% increase in the number of people engaging with articles about crypto, a new survey claims. Amid the ongoing growth in cryptocurrency adoption worldwide, countries like Indonesia and Chile have seen a significant influx of public interest in cryptocurrencies like Bitcoin (BTC), according to new data.According to an Oct. 15 report by Australian blockchain education startup Coinformant, Indonesia has been leading the world in crypto interest dynamics in 2021.The fastest growing crypto hotspots. Source: CoinformantIn Coinformant’s report, Indonesia achieved the....
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While the MIU is a government-funded organization, its latest decision is not legally binding in Indonesia. The National Ulema Council (MUI), Indonesia’s top Islamic scholarly body, has reportedly found cryptocurrencies like Bitcoin (BTC) to be haram, or forbidden, by the tenets of Islam. Asrorun Niam Sholeh, chairman of MUI’s Fatwa Commission, confirmed the religious authority’s rejection of cryptocurrencies due to alleged elements of “uncertainty, wagering and harm.”In order for the MIU to endorse crypto trading, cryptocurrencies like Bitcoin need to abide by Shariah guidelines as a....
The bitcoin economy in Indonesia has been growing lately, with its premier bitcoin buying and selling service Bitcoin Indonesia now operating a full open exchange, trading around 30 BTC per day. While still not at the level of other larger countries, it's certainly an improvement on the 5 BTC per day the exchange reported at its launch back in December 2013. At that stage, CEO and active local digital currency advocate Oscar Darmawan said he aimed for the company to become a full-fledged open exchange, but that volumes would need to improve first. It seems that has happened within just a....
The Indonesian market is experiencing a rise in the number of bitcoin transactions even though the digital currency has no legal status in the country, according to a report from the Jakarta Post. In 2014, Bank Indonesia, the Indonesian central bank, released a statement declaring that bitcoin was not legally recognized as money or legal tender. Yet, despite this, that doesn’t seem to have put people off from using the digital currency as a form of payment. The report from the Jakarta Post states that the number of bitcoin users in Indonesia has risen from 80,000 up to 250,000, with a....
Some of Indonesia's best-known celebs have helped fan the flames of interest in digital assets. Cryptocurrency investments in Indonesia have seen considerable growth between 2020-2022, with 4% of the country’s population having invested in crypto.In 2021, crypto transaction volumes surpassed $34 billion, according to Indonesia’s Commodity Futures Trading Regulatory Agency.This growth has formed a new mindset toward crypto investment, especially in the mainstream media. One example of cryptocurrencies’ growing appeal in the mainstream is the participation of Indonesian celebrities and....
Authorities in Indonesia do not intend to follow China’s example of imposing an outright ban on cryptocurrencies, a government official said, noting the country will limit itself to ensuring they are not used in illegal activities. The statement comes after local crypto exchanges registered a serious increase in turnover this year. Indonesia to Tighten Regulations Without Prohibiting Crypto Transactions The Indonesian government will not follow in the footsteps of China, which has confirmed a ban on all cryptocurrency transactions, the country’s Minister of Trade Muhammad....