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Bali embraces blockchain as crypto, NFT market flourish
The government and industry players are looking at Bali as the blockchain hub of the country, where crypto investment is booming and NFT marketplaces are disrupting the established art scene.
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A woman takes pictures of digital art on display at a Tokocrypto T-Hub crypto community space in Seminyak, Bali, on Jan. 21, 2022. (JP/Eisya Eloksari)
I
ndonesia’s most popular tourist destination might soon also be known as the blockchain hub of the country, as the number of crypto investors soared last year and as non-fungible tokens (NFT) have taken the island by storm.
Crypto exchange Tokocrypto said Bali was its second-largest market, after the much larger Java Island. The number of Tokocrypto users in Bali skyrocketed to 28,000 people last year from only 900 in 2020.
Tokocrypto CEO Pang Xue Kai said the high number of users in Bali had prompted the company to set up a crypto community space called T-Hub in the province.
Opened on Jan. 20, it is the second such space opened by the company, after a first branch in Jakarta.
“We [chose] Bali because there are a lot of digital nomads here, and the number of crypto investors has multiplied exponentially. Bali has great potential, and there is already a crypto community of sorts here,” he said on Jan. 21.
The T-Hubs are places for crypto enthusiasts to learn more about the digital asset market and discuss the latest blockchain technology developments.
Kai went on to explain that Tokocrypto would like to eventually turn the T-Hubs in “technology hubs” for blockchain software development.
