PANews November 30 news, according to Cointelegraph, from January to October 2024, Indonesia's cryptocurrency market transaction volume exceeded $30 billion, a year-on-year increase of 350%, setting the highest total since the bull market in 2021. According to data from the Commodity Futures Trading Regulatory Agency, Indonesia's cryptocurrency transaction volume in the same period of 2023 was approximately $6.5 billion, significantly down from an estimated $19.4 billion for the entire year of 2022.
Indonesia's cryptocurrency market experienced a long period of turbulence after reaching a peak of approximately $54 billion in 2021. There was a significant decline in 2022, primarily due to the government's implementation of a 'double taxation' policy, which imposes a 0.1% tax on cryptocurrency gains in addition to the standard income tax. Despite facing setbacks, recent indicators suggest that the Indonesian market is recovering, with the total trading volume in 2024 so far exceeding the sum of the previous two years. According to Chainalysis's Global Cryptocurrency Adoption Index, Indonesia and the Oceania/Asia markets remain the regions with the highest cryptocurrency adoption rates in the world, with seven of the top ten countries from this region. Only India and Nigeria rank ahead of Indonesia on the list.