Indodax CEO Explains Bitcoin Transaction Surge in Indonesia

14 April 2021 22:04 WIB

TEMPO.CO, Jakarta - CEO of Indonesia's crypto asset marketplace Indodax, Oscar Darmawan, in a statement on Wednesday said the surging Bitcoin transactions in Indonesia is due to a similar global trend. However, he said the volume of transactions is insignificant compared to the global transactions because of the human factors that are not completely educated about the commodity. 

“The growing Bitcoin transactions are indeed happening worldwide and nearly in every country,” Darmawan wrote in a written statement on April 14. “Bitcoin as in crypto itself is here to complement the existing ecosystem, not replace.”

He strongly denied rumors suggesting that the drop in stock transactions is caused by the increase in cryptocurrency transactions. He said the presence of Bitcoins is similar to the arrival of blockchain technology which is not to replace established ecosystems. 

Darmawan maintained that this is due to the rising worldwide crypto transactions and due to the fact that the value of cryptocurrencies are rising. He also explained that crypto traders themselves are different to stock traders.

“Crypto traders are more of a high risk high gain. There is nothing to worry about with this phenomenon,” Oscar Darmawan assured. 

Bitcoin transactions in Indonesia currently are considered to be small with only 1 percent of the global transaction volume and the growth is not too significant compared to 2017. The cryptocurrency is currently legally protected and overseen by the Trade Ministry and BAPPEBTI.

Read: Government to Introduce Crypto Exchange

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