Indonesia will soon have more Bitcoin investors than stockbrokers

Everyday people in this densely populated Asian country are becoming Bitcoin investors, despite warnings from the Indonesian central bank about the alleged risks involved in cryptocurrency trading. In fact, a crypto platform has more users than local exchanges founded more than 100 years ago.

Bitcoin is more popular than stock

In 2014 it was named Bitcoin.co.id Indonesian Digital Asset Exchange (Indodax), established on its website, has 1,147,430 members. That’s slightly less than the Indonesian Stock Exchange, which opened in 1912 and with just 1.18 million registered participants, according to data from the Indonesian Central Securities Deposit.. In fact, Indodax is the largest in the country but not the only place to trade cryptocurrency with rupiah, it is possible that Indonesia already has more Bitcoin investors than stock traders.

According to Chief Executive Officer Oscar Darmawan, Indodax’s It is expected to have 1.5 million members by the end of the year.

We see around 3,000 new members signing up every day.. While most people are trading with Bitcoin, transactions on Etherum have increased significantly.

Cryptocurrency trading platform, its daily volume currently averages 100 billion rupiah ($7.3 million) per day.

Indonesian bank was opposed

Bank Indonesia, the country’s central bank, has repeatedly warned the public in the past about what it sees as the dangers of cryptocurrencies, but has stopped stock markets to close. hadn’t gone so far as to force. This crackdown has resulted in Indonesia’s halting of Bitcoin payment processing operations and hurting local tourism businesses on the island of Bali.. Recent figures show a large number of people, among the country’s 261 million citizens, willing to challenge the central bank’s word.

Indonesia is not the only emerging market where Bitcoin trading appears to be more popular than traditional securities.. Earlier this year, it was reported that in Brazil, Latin America’s largest economy, twice as many people as stock traders are investing in Bitcoin.

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