Bitcoin Growing Fast In Unbanked Indonesia

Residents of Indonesia can now buy and receive bitcoin over the counter at over 10,000 'Indomaret' convenience stores around the country. The project was developed on the initiative of Bitcoin Indonesia and will run through its exchange Bitcoin.co.id in partnership with payment processor iPaymu. bitcoin.co.id's promotional poster. According to Bitcoin Indonesia founder Oscar Darmawan, this now puts bitcoin within easier reach of the country's large unbanked population, estimated at over 200 million. According to the World Bank's Financial Inclusion Data from 2011, only 20% of Indonesians....

With over 270 million people, Indonesia is the fourth-most populous country in the world and its economy is one of the largest markets in Asia. It also has a large unbanked population, a receptive regulatory environment and additional factors making it stand out for crypto adoption. In the latest episode of the News Podcast we talk to a local expert that explains all about the Indonesian crypto community. David is the CEO of the Indonesia-based research platform, Republik Rupiah. He recently joined the Bitcoin.com News Podcast to talk about the local crypto market: ....

Indonesia is one of Asia’s economic powerhouses and has the fourth largest population in the world. The country’s consistent growth over the years, coupled with its larger number of citizens, has made it an emerging market many have their eyes on — including Singapore-based bitcoin exchange, Bitx. But like many emerging markets, the country has an inadequate banking system and a large unbanked population. Although the average Indonesian is getting wealthier, financial services have not kept pace. Like many other places around the world, digital currency startups think Bitcoin’s payment....

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....

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....