Bitcoin Usage Gains Traction in Indonesia
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....
Related News
While most bitcoin startups are based in developed nations such as the US or the UK, there has been steady growth in developing countries as well. In particular, Indonesia has seen signs of bitcoin gaining traction in the payments and money remittance sector. A report released in the Wall Street Journal revealed that majority of the locals started to use bitcoin online and began to appreciate bitcoin's low transaction fees and speed. Bitcoin exchanges have also opened left and right, allowing investors to profit from price changes in the cryptocurrency. Bitcoin Developments in Indonesia.....
Southeast Asia's emerging economy Indonesia is seeing a boost in the use of Bitcoin, E27 reports. The tech resource platform collected comments from some of the world's most renowned Bitcoin entrepreneurs to demonstrate the claim further. The first statement to come out was from Tiyo Triyanto, the founder of one of the Indonesia's leading Bitcoin exchange Bitdoku. He claimed that the Bitcoin's usage has been increasing impressively from year to year, despite the fact that the digital currency is an illegal tender in Indonesia. "Daily bitcoin circulation numbers in Indonesia have only....
Indonesia, one of the world's most beautiful archipelagoes and travel destinations, has had a consistent increase in bitcoin adoption at popular tourist spots including Bali, Jakarta and Denpasar, since the launch of BitIslands in March 2014. Initiated by the largest Indonesian Bitcoin exchange Bitcoin Indonesia, the project was sponsored by leading Bitcoin merchant platforms and mobile services in Asia, including a Singaporean startup Coin of Sale, Artabit, CoinPip, Quantified, Tukarcash and Bitwyre. Since 2014, Bitcoin Indonesia continued to aggressively push the project in Bali, where....
In a public statement, the Bank of Indonesia warned against the risks of using bitcoin and emphasized that it is not currency or a legal payment tool. The bank added that any risks incurred with owning digital currencies should be shouldered by its owners. Prior to this, the governor of the Bank of Indonesia already said that using bitcoin breaks a number of the country's laws. The latest statement doesn't necessarily ban its use but contains strongly-worded statements against the cryptocurrency. Bitcoin in Indonesia. While other countries that formerly had a skeptical stance on bitcoin....
Binance has formed a joint venture with a consortium led by Telkom Indonesia’s $830-million venture capital arm. Binance aims “to expand the blockchain ecosystem in Indonesia with the development of a new Indonesian-based digital asset exchange.” Binance Building Cryptocurrency Exchange in Indonesia Blockchain and cryptocurrency infrastructure provider Binance announced Wednesday that it has established a joint venture with a consortium led by Telkom Indonesia’s $830-million venture capital arm, MDI Ventures (MDI). Telkom Indonesia is the country’s....