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Indonesia has 17.4 million crypto investors

Jakarta Globe - July 6, 2023

Indah Handayani, Jakarta – The number of investors in crypto assets has increased by 23 percent to 17.4 million as of May when compared to the same month last year, according to data from the Commodity Futures Trading Regulatory Agency, or Bappebti.

In May alone, 15,000 new investors were recorded by the agency.

Bappebti's Futures Trading Development Office Head, Tirta Karma Sanjaya, stated that new investors are not only attracted by the potential returns of the crypto business but also by the secure digital database network or blockchain that is inherent to the crypto ecosystem.

"The crypto assets have a high potential for growth," Tirta said in a statement on Thursday.

The monthly growth rate of crypto investors reached its peak at 6.8 percent in June of last year. Since October, the growth rate has been averaging below 1 percent.

Despite the increase in new investors, the value of crypto transactions fell to Rp 8.21 trillion in May, which represents a decline of 23.8 percent from Rp 10.77 trillion in April. Year-on-year, the May crypto transaction volume experienced an even steeper decline of 67 percent.

However, Yudhono Rawis, the CEO of Tokocrypto, expressed confidence in the future of this business in Indonesia, where a significant portion of the crypto potential remains untapped.

"The continued growth in the number of crypto investors indicates a growing awareness and acceptance of digital assets in Indonesia," he said. "Despite the recent slowdown in growth, we remain confident that crypto assets still have huge potential for growth in the coming years."

Source: https://jakartaglobe.id/business/indonesia-has-174-million-crypto-investor