Indonesia has highest crypto adoption rate worldwide: study

Ownership of digital assets including cryptocurrencies in Indonesia is among the highest globally as many investors in the country look at those assets as a protection against potential future inflation, according to a study by US-based crypto platform Gemini published on April 4.

Gemini questioned nearly 30,000 people across 20 countries to find out what part of the population has jumped into the digital asset universe. As per the results, Indonesia – alongside Brazil – emerged as leader with 41 per cent of the surveyed people from those nations admitting to holding crypto coins or other digital assets.

Furthermore, the study found that 61 per cent of Indonesian respondents agree with the notion that crypto is the future of money – compared to 23 per cent in developed countries like he the US, France and Germany.

Only higher income earners surveyed

However, Gemini admitted that its study was “not fully representative” of Indonesia’s total population as it surveyed only people with an annual income higher than $14,000, which represents only the high-income earners in Indonesia, a country with a per capita income of around $4,350 last year. 

Still, the report provides a better understanding of the current adoption rate and crypto trends in Indonesia and the wider Asia-Pacific region, Gemini said.

The trend in Indonesia is strong. According to the country’s trade ministry, transactions involving popular cryptocurrencies such as Bitcoin and Ether grew over 14 times from a total of 60 trillion rupiahs ($4.2 billion) in 2020 to a total of 859 trillion rupiahs ($59.9 billion) in value in 2021.

More crypto than securities traders

According to deputy trade minister Jerry Sambuaga, more than 11 million Indonesians bought or sold crypto in 2021. In comparison, according to the Indonesian Central Securities Depository, the total number of portfolio investors in securities and stocks reached just 7.35 million last year.

Even so, 11 million crypto investors is still only about four percent of Indonesia’s total population, indicating there is still plenty of room to grow. The fact that Islamic clerics have declared crypto money as “haram” – forbidden – does not seem to change much in the overall development of Muslim-majority Indonesia towards becoming the world’s leading crypto nation.



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Ownership of digital assets including cryptocurrencies in Indonesia is among the highest globally as many investors in the country look at those assets as a protection against potential future inflation, according to a study by US-based crypto platform Gemini published on April 4. Gemini questioned nearly 30,000 people across 20 countries to find out what part of the population has jumped into the digital asset universe. As per the results, Indonesia – alongside Brazil – emerged as leader with 41 per cent of the surveyed people from those nations admitting to holding crypto coins or other digital assets. Furthermore, the...

Ownership of digital assets including cryptocurrencies in Indonesia is among the highest globally as many investors in the country look at those assets as a protection against potential future inflation, according to a study by US-based crypto platform Gemini published on April 4.

Gemini questioned nearly 30,000 people across 20 countries to find out what part of the population has jumped into the digital asset universe. As per the results, Indonesia – alongside Brazil – emerged as leader with 41 per cent of the surveyed people from those nations admitting to holding crypto coins or other digital assets.

Furthermore, the study found that 61 per cent of Indonesian respondents agree with the notion that crypto is the future of money – compared to 23 per cent in developed countries like he the US, France and Germany.

Only higher income earners surveyed

However, Gemini admitted that its study was “not fully representative” of Indonesia’s total population as it surveyed only people with an annual income higher than $14,000, which represents only the high-income earners in Indonesia, a country with a per capita income of around $4,350 last year. 

Still, the report provides a better understanding of the current adoption rate and crypto trends in Indonesia and the wider Asia-Pacific region, Gemini said.

The trend in Indonesia is strong. According to the country’s trade ministry, transactions involving popular cryptocurrencies such as Bitcoin and Ether grew over 14 times from a total of 60 trillion rupiahs ($4.2 billion) in 2020 to a total of 859 trillion rupiahs ($59.9 billion) in value in 2021.

More crypto than securities traders

According to deputy trade minister Jerry Sambuaga, more than 11 million Indonesians bought or sold crypto in 2021. In comparison, according to the Indonesian Central Securities Depository, the total number of portfolio investors in securities and stocks reached just 7.35 million last year.

Even so, 11 million crypto investors is still only about four percent of Indonesia’s total population, indicating there is still plenty of room to grow. The fact that Islamic clerics have declared crypto money as “haram” – forbidden – does not seem to change much in the overall development of Muslim-majority Indonesia towards becoming the world’s leading crypto nation.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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