Preamble
According to a recent Mckinsey & Company study, Indonesia has outpaced the world in digital adoption and had the highest digital adoption growth score in 2014-‐2017 with 99%, outperforming other countries including India, South Korea, the UK, and the US.
Google and Temasek have published a report on Southeast Asia's internet economy in 2019 entitled eConomy SEA 2019. Indonesia is one of the two pacesetters in the region leading the pack with a growth rate of over 40% per year. It reached $40 billion in 2019 and is poised to grow to $130 billion by 2025.
Indonesia is home to a largely cash-based community, and a large proportion of the population up to 80% remain unbanked. However, the adoption of technology every day is increasingly visible. In 2019, the value of electronic money transactions jumped sharply by 207% to Rp 145.2 trillion. Almost 9 out of 10 internet users in Indonesia use digital wallets.
The Blockchain and Crypto asset industry has grown rapidly in Indonesia over the last 5 years. Estimated traders in Indonesia have reached a significant number, more than 1.5 million traders in 2020. It has grown at least 2.263% since 2015 where there are 152 projects traded in Indonesia.
In September 2018, the Ministry of Trade of the Republic of Indonesia has legalized the trading of Bitcoin and crypto-assets as commodities in Indonesia. BAPPEBTI in 2019 has issued regulations so that cryptocurrency exchanges can operate legally in Indonesia. This is a good sign that the Indonesian government welcomes the growth of the crypto industry in Indonesia. Where at the end of 2020 (Q3) crypto transactions in Indonesia were IDR 22.671 Trillion.
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