Known for its population of 300 million and the prevalence of cryptocurrencies, Indonesia, the Asian country, pressed the button for cryptocurrencies. According to the news shared by Reuters in the morning, the Indonesian government has launched a state-owned crypto exchange.
The Commodity Futures Regulatory Authority said in a statement that they will better protect investors with the national stock market. With this move, the government wants to keep the citizens who buy and sell cryptocurrencies under its control. Government agencies have also publicly shared statistics on cryptocurrency investment in the country.
According to data from Bappebti, 17.54 million people in the Asian country are dealing with cryptocurrencies. However, rising interest rates in the country have caused the demand for crypto to drop in the last 6 months.
In the first half of 2023, Indonesian investors traded a total of $4.42 billion. Statistics reveal that this figure is 68% lower than the previous period. The most preferred coins by the citizens of the country were Tether, Bitcoin, Ethereum and Ripple, respectively.
Although the Indonesian government prohibits citizens from paying with cryptocurrencies, it allows trading.
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