ConsenSys Announces the Results of Its Latest Survey on Cryptocurrency in Indonesia

Blockchain and web3 software company behind MetaMask, ConsenSys, announced the results of its latest survey on cryptocurrency in Indonesia.

TEMPO.CO, Jakarta - Blockchain and web3 software company behind MetaMask, Consensys, announced the results of its latest survey on cryptocurrency in Indonesia. The survey, conducted in collaboration with YouGov, found that there is an increase in awareness of cryptocurrency, but public understanding is still low.

Ethereum Co-Founder and Founder and CEO of Consensys, Joseph Lubin, said that every year his company finds a positive trend for the growth and adoption of crypto, web3, and blockchain. He said that 2024 will be monumental for crypto because the United States Election was won by Joe Biden.

"The recent US presidential election, for example, could lead to further regulatory clarity. As the world embraces the potential of decentralization and crypto, the industry is ready to support and empower the next wave of users through education and innovation while solving some of the world's most complex challenges," Lubin said in a written statement quoted on Saturday, December 14, 2024.

Public awareness of cryptocurrency in Indonesia rose 4 percent in 2024 compared to last year. This condition places Indonesia in second or highest position in Asia along with South Korea, after Turkey. Although awareness is increasing, 63 percent of respondents admitted that they do not fully understand the concept of cryptocurrency.

Lubin said this condition needs to be addressed by empowering the community about cryptocurrency. In addition, this step will also be able to increase people's confidence in facing the digital era.

"This shows the need to empower the Indonesian people through simple and easily accessible education," he said.

This survey is a continuation of the 2023 period by expanding the scope of respondents. This survey also involved more than 18,000 respondents aged 18-65 years from 18 countries in Africa, America, Asia, and Europe. In Indonesia, there were 1,041 respondents aged 18-65 years.

The Commodity Futures Trading Supervisory Agency (Bappebti) noted that the value of crypto transactions reached Rp48.92 trillion in August 2024. This figure increased by 15.54 percent from the previous month which was only Rp42.34 trillion.

"This growth provides an optimistic picture of the future of the crypto industry in Indonesia, although macroeconomic challenges are still a concern," said Head of the Commodity Futures Trading Development and Development Bureau of Bappebti, Tirta Karma Senjaya, in a written statement on Thursday, October 3, 2024.

From January to August 2024, crypto asset transactions, according to Tirta, were very impressive. The reason is, it experienced a growth of 360.03 percent or Rp391.01 trillion compared to the previous year which recorded Rp149.3 trillion.

"Tether USD (USDT), Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Pepe (PEPE) dominate crypto transactions in Indonesia," he said.

Tirta revealed that this significant growth was influenced by the increasing public interest in crypto assets as an alternative investment.

"The growth in the value of crypto asset transactions in Indonesia is driven by a combination of increasing digital literacy among the public and the role of crypto as an attractive investment alternative. We see USDT, Bitcoin and Ethereum as dominant instruments that continue to attract investor interest in Indonesia," said Tirta.

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