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Cryptocurrency or cryptocurrency has now become one of the favorite investment instruments in Indonesia. Not only that, crypto currencies are also rapidly developing as an alternative to non-cash transactions, such as remittances and cross-border transactions.
This is in line with the Indonesian people who begin to understand finance and the latest technological developments. Cryptocurrency uses blockchain technology that is decentralized, transparent, and global. Transactions using cryptocurrency on a blockchain network are believed to be a solution to various problems facing the conventional financial system.
In Indonesia itself, cryptocurrency regulations have been regulated by Bappebti. Through Bappebti Regulation No. 5 of 2019, cryptocurrency assets are recognized as commodities that can be traded on a futures exchange. This regulation makes the cryptocurrency industry already have a clear legal umbrella and is increasingly developing in Indonesia.
The cryptocurrency market in Indonesia continues to stretch. Moreover, the government through the Commodity Futures Trading Supervisory Agency (Bapebbti) has designated this digital asset as a subject that can be traded on a futures exchange.
There is no exact data on how many Indonesians are crypto investors or traders. There is also no exact data on the daily transaction value. But, as an illustration, these are several crypto exchange or brokerage companies that operate and are incorporated as limited liability companies.
Indodax
• Indodax started operating in 2014. Initially it was called Bitcoin Indonesia. Legally, Indodax is under PT Bitcoin Indonesia. Based on information on its website, the current number of Indodax members is 1,315,257 members.
Triv
• Triv.co.id Triv, which was founded in 2014, is currently a trading platform for two cryptos, namely Bitcoin and Ethereum. Gabriel Rey, CEO of Triv, said that 200,000 krpto investors from Indonesia have registered in the Triv system. Unfortunately, Gabriel is reluctant to disclose the value of daily transactions. "Our transactions are not exposed, but there are many," he said.
Rekeningku.com
• Rekeningku.com started commercial operations in 2017 under the banner of PT Rekeningku Dotcom Indonesia. Sumardi, CEO of Rekeningku.com, said that currently it has as many as 120,000 investors, with daily transactions ranging from Rp 10 billion to Rp 12 billion per day.
Coinone Indonesia
• Coinone is a newcomer from outside. Coinone is the third largest crypto exchange company in South Korea and has only officially operated in Indonesia under the name Coinone Indonesia this July.
• Even though it was officially operational in July, Coinone has launched a crypto trading platform called Coinone Indonesia (coinone.co.id). As a first step, they have also started pre-registration since last April.
• Coinene Indonesia is an intermediary for buying and selling several cryptos. Based on the site, what has been listed are Bitcoin, Bitcoin Cash, Litecoin and Qtum. Several cryptos will also follow, namely Ethereum, Ethereum Classic and Altcoin.
one proof of the existence of the development of cryptocurrency in Indonesia is the presence of the Rupiah Token (IDRT)
• Rupiah Token (IDRT) is a stablecoin backed by the Rupiah currency. IDRT token is the first crypto asset in Indonesia whose value is always stable 1 to 1 with Rupiah. Stablecoins are built on top of the Ethereum blockchain with the standard ERC-20 smart contract protocol.
• Rupiah Token (IDRT) is a token produced by PT Rupiah Token Indonesia. According to the audit report issued as of 1 May 2020, the total Rupiah Tokens circulating in the market have reached 72.7 billion IDRT with collateral in Rupiah of the same value. Some of the functions of the Rupiah Token (IDRT) include remittances, providing liquidity, global donations, cross-border transactions, and hedging against market volatility.