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Indonesian bitcoin exchange reports over 200% YoY growth in user base

Like the big surf waves in Bali, digital currency usage experienced a tidal wave of growth in the last couple of years in Indonesia.

According to first-hand reports by the Jakarta Post, the Indonesian bitcoin market is experiencing solid growth on its home based exchanges. Bitcoin Indonesia, the Bali headquartered full-service cryptocurrency exchange based on Indonesian rupiah currently has 250,000 members, up from 80,000 at the end of 2015, this is good for a 212.5% increase year-over-year.

Another metric mentioned was that the exchange reports daily transaction value of Rp 20 billion (around USD $1.48 million).

At time of writing, 1 BTC = 13,289,900 RUPIAH.

Bitcoin Indonesia, Business Development Manager, Suasti Atmastuti Astaman said:

Bitcoin’s value completely depends on supply and demand in the market. At present, as more and more countries have relaxed their stances on digital currency, including the United States, China and Russia, more and more people are putting their trust in it. That’s why Bitcoin’s value has been rapidly surging.

However, Suasti told the Jakarta Post’s Viriya P. Singh, the Indonesian government may need more time to learn the ins and outs bitcoin, while waiting for its real world impact in other countries that have legitimized the digital currency. There is currently no legal regulations for the cryptocurrency use in the country.

Yesterday, we reported an update from Japan’s on-going process of cryptocurrency regulation as the JFSA published draft bitcoin exchange regulations, it is understood that the country is still on-track for its new regulation proposals to become law sometime this year.

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