Early 2022: Blockchain Development in Indonesia Is Getting Massive

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The phenomenon of crypto and blockchain has grown massively in Indonesia. Many companies are ready to develop crypto assets and blockchain technology namely Metaverse, NFT, and DeFi.

In the past few years (especially since the COVID-19 pandemic began in 2020), Oscar Darmawan as the CEO of Indodax (the biggest and most trustworthy crypto exchange in Indonesia) seen a rapid increase in the number of investors in the country. Indodax itself has more than 5 million members in early 2022.

CEO Indodax – Oscar Darmawan

Oscar Darmawan said the blockchain ecosystem in Indonesia has developed so much and emulated other countries. In the Southeast Asian region, Indodax is also one of the local exchanges with the most members.

“There are many crypto and blockchain asset developers in Indonesia. As a matter of fact, there are many companies in Indonesia stating that they are ready to develop blockchain technology,” said Oscar Darmawan.

As a crypto asset trader, Oscar greatly appreciates the government’s policies that are really receptive to the crypto ecosystem. In Indonesia, crypto is not authorized as a currency or payment method. Crypto is only authorized as investment, hence crypto is treated and defined as assets. The government has recognized crypto assets as one of the important commodities.

“From the regulator’s point of view, I see that the government has been very receptive to crypto. The Indonesian government not only gives a nod to crypto trading but is also very open to crypto asset exchanges like Indodax and strongly supports the development of crypto tokens created by the local creators,” explained Oscar.

The rapid trend of investment in crypto assets is in line with data from the Trade Ministry’s Futures Exchange Supervisory Board (Bappebti) which is responsible for directly overseeing crypto investment in Indonesia. Based on data from Bappebti, the number of crypto investors at the end of 2021 has reached more than 11 million, increasing significantly from 4 million investors recorded in 2020.

“We can see that crypto is a digital product that has a huge potential in Indonesia and this digital commodity is expected to create a new investment ecosystem,” said Oscar.

As a pioneer in Indonesia’s crypto exchange, Indodax has always committed to educating its members all about crypto investment. Moreover, Indodax also strongly supports domestic crypto developers and people in the blockchain industry to continue to grow.

“Hopefully, Indonesia will become a big player and the driving force in the crypto and blockchain industry in terms of mining, traders, as well as developers, not only as a market. I think Indonesia has tremendous potential and through blockchain, Indonesia can forge ahead in more advanced areas than developed countries. This is a very good opportunity in the industrial era 4.0,” Oscar concluded