The Crypto Fever: From Regulation through Technology Development
CoFTRA's regulation on Crypto only covers trading, while there have been many realizations of derivative products
Over the past year, the trading price of crypto assets recorded a significant upward trend. Bitcoin, for example, is still experiencing a strengthening over 40% year-to-date as of May 19, 2021. Meanwhile, over the past year, it shot up to 320%. This trend has attracted many Indonesian investors.
The high transaction of crypto assets has made many countries take steps to protect the ecosystem. Globally, Asia has played a significant role in the development of the crypto asset industry over the past decade.
In this region, each country is competing to take part as a hub for crypto and blockchain assets. According to CoinGecko's report, there were 318 new exchanges, an increase of 706% in the last 18 months.
As many as 40% of them come from Asia.
Indonesia, as the fourth most populous country in the world, is home to a large proportion of the digital business community. Quoting from the e-Conomy 2019 report, as many as 92 million Indonesians are still unbanked, followed by 42 million people in the underbanked group. The rest, there are 42 million people who already use financial or banked services.
This great opportunity is at the same time a serious challenge for the financial industry, many financial analysts believe that unbanked users could be the next potential market in digital currency or crypto.
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