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Crypto transactions could triple in 2022: Trade Ministry
The ministry expects domestic crypto transactions to double or triple this year, when it plans to launch a national crypto exchange in the first quarter.
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Deputy Trade Minister Jerry Sambuaga speaks on Jan. 23, 2022 at an event in Bali hosted by the Tokocrypto crypto exchange. (Courtesy of Tokocrypto/-)
T
he Trade Ministry says the domestic crypto assets market could triple to around Rp 2.5 quadrillion (US$180 billion) in transactional value this year as more Indonesians become aware of digital assets.
Deputy Trade Minister Jerry Sambuaga said crypto transactions would double or triple this year from a total value of Rp 859 trillion in 2021, when it increased 14-fold from Rp 60 trillion in 2020.
“But I am sure transactions will grow further this year, seeing that people are becoming more aware of blockchain, crypto assets and non-fungible tokens [NFTs],” he told reporters on Friday at an event hosted by homegrown crypto exchange Tokocrypto.
Widespread information on digital assets, Jerry said, was one of the factors driving the increase in crypto investments. Other factors like cryptocurrency development and active efforts by exchanges were also propelling the market, he added.
Read also: Crypto exchanges seek new horizons in NFTs, lending
According to the Commodity Futures Trading Regulatory Agency (Bappebti), which falls under the ministry, Indonesia had 11.2 million crypto investors last year, up from only 4 million in 2020.
The country has recorded more individual investors in crypto assets than in the capital market since last May.
