Crypto Indonesia, Bali performance in Uluwatu

Crypto Indonesia: A New Frontier Emerges

Crypto Industries

In Jakarta’s cafés, smartphone screens glow with crypto charts. Young professionals juggle work and small trades. Older Indonesians peek curiously into the world of digital assets. Across the archipelago, from Bali’s beaches to small towns in Sulawesi, something quietly shifts: crypto is no longer niche.

Early Spark and Growing Interest

Indonesia’s crypto story starts modestly. In the mid-2010s, tech-savvy Indonesians first explored Bitcoin and altcoins, drawn by innovation and opportunity. As time passed, awareness spread. According to data, Indonesia registered over 277 million individuals in digital currency ownership data collection in 2023.

By 2024, the transaction volume for crypto assets surged dramatically. For instance, trading volume reached Rp 260.9 billion in the first half of 2024 — nearly double the full 2023 amount.

The demographics show a mix: younger Indonesians dominate active trading, but middle-aged and older users increasingly participate. Many view crypto as an investment or savings hedge, especially in regions with limited banking access.

Regulation: Cautious but Progressive

The government watched closely as crypto adoption accelerated. The regulator Commodity Futures Trading Regulatory Agency (Bappebti) initially oversaw digital asset trading. Meanwhile, the central bank, Bank Indonesia (BI), banned crypto as a payment method under Regulation 20/6/PBI/2018.

In December 2024, Indonesia issued Regulation No. 49 of 2024, shifting the oversight of digital financial assets (including crypto) to the Otoritas Jasa Keuangan (OJK) effective January 10 2025.

Tax policy followed. From August 2025, the government introduced higher taxes on crypto transactions — domestic trades face 0.21%, overseas trades 1% — signaling crypto’s transition from mock-gold to regulated asset.

Thus, Indonesia forged a dual path: allowing crypto as an investment, while guarding currency sovereignty and financial stability.

Adoption Patterns: Who, What and Why?

Across Indonesia’s islands, crypto adoption gains momentum. A report ranked Indonesia among the top in global crypto adoption, citing near 200% year-on-year growth.

What do people buy or trade? Bitcoins and Ethereum remain dominant. But many also dabble in smaller tokens and Web3 projects. Some use crypto for remittances, others as a speculative investment.

Middle-income earners often invest via mobile apps. Young professionals allocate part of their portfolio to crypto while maintaining traditional savings.
Older users, often via family members’ guidance, treat crypto like a digital gold: risky but possible reward.

Blockchain, CBDC and National Innovation

While crypto usage expands, Bank Indonesia aims to stay ahead via the digital rupiah. The initiative is called Project Garuda — a wholesale-and-retail CBDC proof of concept.

In recent months, Indonesia announced a state-backed stablecoin, tokenized via blockchain and backed by government bonds.

The digital rupiah aims to boost efficiency, financial inclusion, and payment innovation. BI’s blueprint under Regulation 4/2025 highlights programmability and tokenisation of money.

At the same time, blockchain startups flourish: the 2024 Indonesia Crypto & Web3 Industry Report counts 2,251 registered companies active in the field.

Thus, Indonesia invests in the infrastructure of tomorrow even as it regulates the assets of today.

Important Organizations and People

  • Bank Indonesia (BI): leads CBDC strategy and payment-system regulation.
  • OJK: now oversees digital financial assets.
  • Bappebti: formerly oversaw crypto trading and licensing.
  • Local exchanges: e.g. Tokocrypto — a major player in Indonesia’s crypto space.
  • Key figures: Governor Perry Warjiyo of BI spoke publicly about the national stablecoin.

These actors reflect Indonesia’s regulatory-plus-innovation mindset: encourage, but control.

Looking Forward

Indonesia stands at a turning point. Will crypto evolve from side-investment to mainstream asset? Will the digital rupiah reshape everyday payments?

In the next few years, expect:

  • Greater institutional participation in crypto, as regulation clarifies roles.
  • Wider use-cases for the digital rupiah and tokenised government securities.
  • Regional adoption differences: urban vs rural, young vs old, mobile first vs bank first.
  • A potential export of Indonesia’s blockchain innovation to ASEAN neighbours.

For Indonesia, the challenge is clear: balance rapid innovation with financial stability. If successful, Crypto Indonesia may become the region’s model of digital-asset maturity.

Sources & Links

$CULTURE

Scaling a Web3-powered platform that connects Global Development, Arts & Culture, and Creative Industries through multifunctional cultural hubs.