With a population of more than 270 million, Indonesia is the 4th most populous nation in the world. Its economy is also among the largest in Asia. The size of the unbanked population is also large, and the regulatory environment is more receptive to cryptos than other neighboring markets. These attributes make it stand out as a perfect destination for crypto adoption.
This is a report of the interview with David, the CEO of Republic Rupiah, an Indonesia-based research platform.
Indonesian Market a Home to Dozen Exchanges and Multiple Cryptos
Indonesia has stood out from other countries by allowing crypto players to join the market and educate the people. In 2019, the government of Indonesia approved a number of crypto assets to be traded legally, which helped more people to get information about blockchain and emerging crypto assets. However, the large companies that were initially talking about the cryptos appeared to slow down, and smaller community projects picked up from there, according to David.
Today, new communities are emerging, and the entry of the Republic Rupiah helped to accelerate this. David indicates that the Indonesian market comprises more than a dozen crypto exchanges and more than 229 crypto assets approved by the authorities.
David adds that Indonesia actually boasts of more crypto investors than stock investors, which makes it one of the fastest growing markets in the region. As a result, more coins being released onto the crypto space target the Indonesian market. The adoption of cryptos was accelerated by the COVID-19 pandemic, which pushed more people into the digital space.
Why More Indonesians are Likely to Stick with Cryptos
One of the surveys done by Republic Rupiah, which targeted establishing what was happening in Indonesia in 2021, asked people whether they would be buying cryptos in the next 12 months. About 50% of the respondents indicated that they would want to keep buying cryptos, especially Bitcoin (BTC). Now, David indicates that people should focus on learning more and picking the right coins.
In terms of demographics, David indicated they are yet to do specific surveys from the perspective of people being unbanked or not. However, he indicated that most Indonesians are able to rapidly transfer, buy, and sell cryptos. The supportive regulatory environment has given more companies space to offer blockchain and crypto-related information, helping people to make more decisions about cryptos.
Republik Rupiah is an Indonesia-based research platform developed to help investors learn and navigate through the world of finance and cryptos.