The cryptocurrency market in the island nation, Indonesia, is fast becoming one of the most important markets in Southeast Asia. And local blockchain marketing company ICN (Indonesian Encryption Network) is one of its biggest advocates.
Before local exchanges started setting up their shop in Jakarta and Java, Indonesian cryptocurrency investors were considered to be scarce in number, scarce, and not important enough for some data collection purposes. Fast forward half a decade later and there are plus cryptocurrency traders than stock investors in the country.
With more than sixty-six percent of the entire country still without banking services, there are only more possibilities for growth and more spaces to be occupied as blockchain business multiply on the island.
Cryptocurrency in Indonesia
With more than 273 million people spread over the most populated group of islands in the world. Indonesia is fertile ground for technology and businesses of any kind should they get enough traction.
However, "traction" seems to be the biggest problem in the Indonesian cryptocurrency space. Up to now. For a country with more than two-thirds of unbanked citizens, cryptocurrencies appear to be a perfect and ready alternative to the stress that comes with registering and managing fiat currency.
During the Covid19 pandemic in 2020, when cryptocurrency transactions began to gain more visibility in less cryptocurrency-oriented nations like Indonesia, it was estimated that around 4 million citizens of the country were holders of BTC or other cryptocurrencies. Eight months after the survey, Indonesia had gained more than 2.5 million new investors, an increase of at least 62%.
The rapid increase in development is not expected to disappear anytime soon. Instead, its growth is just beginning. Every new cryptocurrency dataset in the nation points to the fact that the Indonesian crypto scene is on the brink of a massive explosion. When some 4 million Indonesians were judged to be crypto enthusiasts last year, data from Pintu, a local cryptocurrency exchange, suggests that those numbers have already doubled.
Clear regulations also help the development of cryptocurrencies in Indonesia. The government's position on cryptocurrencies is unambiguous. Rather than cracking down on crypto developments like other nations in the region, the Indonesian government is concerned with creating a thriving environment for the burgeoning crypto industry. One way the government plans to do this is to increase measures to counter fraudulent cryptocurrency transactions.
Currently, cryptocurrency tokens such as Bitcoin, Ethereum and Dogecoin They are goods and products legalized in Indonesia that can be traded by citizens but cannot yet be used as a means of payment in the country.
Spaces for the growth of cryptocurrencies in Indonesia
Indonesia's huge population is a boon for any ambitious company seeking new audiences, but it is not its only draw. The country's demographics are equally attractive. Especially when it comes to cryptocurrency and blockchain spaces.
When the Indonesian cryptocurrency sector is rated as "promising", it is more than just a nickname. The country's age statistics for investors in digital assets remain one of the brightest indicators of massive impending growth.
The majority of the 7.7 million Indonesians who consider themselves active cryptocurrency traders or investors are estimated to be between the ages of 18 and 34. A good percentage of this group is still in their teens, including college students who to invest hoping for good profit or good passive income in the future.
According to local crypto asset platform Pintu, 71 percent of Indonesian crypto traders have an average order size of around $ 200, a number that is even more indicative of its young demographic. The large turnout of Indonesian youth is a significant boost for blockchain startups looking to enter the country. Considering the proportion of teens involved in crypto, the future couldn't be brighter.
ICN and Indonesia's biggest players
Indonesia's cryptocurrency presence could be at a very high level, but its growth is more than meets the eye. One of the most important influencers, especially in grassroots campaigns in the last five years of the boisterous history of cryptocurrencies in Indonesia, is ICN: the Indonesian Encryption Network.
ICN is the leading cryptocurrency multimedia company in Indonesia and has worked with almost every key figure in the country's crypto scene. The blockchain marketing company has specialized in user acquisitions and smart campaigns since its inception in 2017 and is therefore quite influential in the recent resurgence of cryptocurrencies in Indonesia.
ICN has worked with local exchanges such as Indodax for important international players such as Binance and the Tezos network. Indonesian cryptocurrency users are constantly on the rise, and ICN is one of its biggest influencers, pulling the strings and helping interested blockchain companies gain Indonesian audiences.
The blockchain marketing company also aggregates news and analytics through a series of exchanges around the world for a hungry and fast-growing Indonesian audience. Sitting at the top as one of the top three most popular cryptocurrency sites in the country, ICN has established itself as a must for growth-conscious crypto startups.
Aside from ICN, the cryptocurrency exchange Indodax and the Pintu trading platform are similar key players in the Indonesian crypto scene. As of 2014, Indodax is Indonesia's largest cryptocurrency asset platform, with over 4.5 million accounts. Pintu, on the other hand, has been active for just over a year, but is growing at an impressive rate.
The cryptocurrency landscape in Indonesia is evolving rapidly. Businesses are finding their way to a promising and promising future. Companies like ICN, Indodax, and Pintu are at the forefront of its emergence, ushering Indonesia into a new era of cryptocurrency awareness. It will be interesting to see what the future holds for the growth of cryptocurrencies on the island.
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