Despite Govt. Crackdown, Indonesian Crypto Users Soon to Overtake Stock Traders

Mar 15, 2018 at 11:47

Indonesia Digital Asset Exchange (INDODAX), the country’s biggest exchange platform for cryptocurrency, claims that it can soon outpace the number of participants in the national stock exchange.

In an interview with Bloomberg, INDODAX chief executive, Oscar Darmawan said that the platform is on track to have 1.5 million KYC-registered users by the end of the year with thousands of new users registering every day.

The crypto exchange currently caters to 1.14 million users after starting its operations in 2014. It is close to be at par with the Indonesia Stock Exchange’s 1.18 million total registered participants that trade stocks, futures, exchange-traded funds and options of listed companies worth a combined $520 billion.

“We are seeing almost 3,000 new members signing up everyday. Most people are trading in bitcoins though transactions in ethereum has increased significantly of late,” Darmawan noted.

The official also stated that the exchange is currently facilitating an average of 100 billion rupiah ($7.3 million) in daily trading volume, a number that they expect to double by year-end.

INDODAX which is headquartered in Bali offers fiat-to-bitcoin purchases to domestic users alongside crypto-to-crypto trading and supports virtual currencies such as Ethereum, Ripple, Litecoin, DASH, Stellar and more.

It can be noted that Indonesia has a very hostile environment for cryptocurrencies as authorities have done countless crackdowns to regulate the industry.

While Bank Indonesia, the country’s central bank, hasn’t banned cryptocurrency exchanges in the country, its governor previously threatened legal action against bitcoin adopters using the cryptocurrency for payments.