Indonesia, the second largest crypto adopter without legality.

[fiulpro]

The survey is somehow true , although government haven't legalized it still people are able to get through this.

I think the governments should take a brief note of this and stop threatening people how they would ban the cryptocurrencies.

The government wants us to invest in their own made currency but that is not always possible.

This is a very good example, I hope other countries follow through.

[tmlee]

Indonesia crypto adoption is probably driven by Indodax, one of the longest running exchange since 2013 or earlier; which is arguably one of the largest crypto volume driver globally too

[AjithBtc]

Indonesia truly holds a good number of cryptocurrency users and here even the common people have access to cryptocurrencies. A plantation owner in Indonesia used to pay his employees with bitcoin, as it avoids with the low transaction charge as well it can reach any corner of the world. Here the bitcoin was send to the families of the plantation workers as they were miles away from their native locations.

[dimox]

60%+ is big value, i think they are know about bitcoin but not use or collect it.
we have our exchanger, it mean bitcoin recognized but still illegal if you use for transaction. you can have for trading or digital asset, and its enough for us.
we try to develop our step byself, explain to close friend or family. we still wait about bitcoin's growth for payment, because someday we must have that service

[garyn]

I find it fascinating that Bitcoin is more popular and owned by more people in countries where it is illegal.

I believe that is because Bitcoin does not have borders and governments have no way to trace who owns it.  It is the advantage of all cryptocurrency.

[diahsw]

based on the results of a survey from TNS that collaborated with one of the LUNO crypto exchanges, they concluded that 63% of Indonesian people knew the crypto world.

they realize that crypto is a solution to create a better economy. this percentage defeats Malaysia, France, Italy and Romania.

So, Indonesia is in second place after South Africa with a percentage of 70%.

of 63% of the Indonesian population, they have more bitcoin. Their reason is that bitcoin is the safest and most profitable investment product.

Bitcoin is one form of the New Payment Method (NPM) consisting of virtual currencies that still have not received clear and explicit arrangements used in their use which are often used for follow-up transaction results. The Indonesian government finally legalized the trading of Bitcoin crypto assets and the like. The Ministry of Trade's Commodity Futures Trading Supervisory Agency (Bappebti) finally issued a regulation on the Technical Provisions for the Implementation of the Physical Market of Crypto Assets (Crypto Assets) on the Futures Exchange.
In the Bappebti regulation number 5 of 2019, Bappebti decides that the crypto assets that must be approved must meet certain requirements.
First, based on distributed ledger technology. Second, it consists of crypto utility or Crypto Backed Asset. Third, the market capitalization value is in the top 500 of the market share of crypto assets (coinmarketcap) for crypto utility assets. Fourth, it is included in the world's largest crypto asset exchange transaction. Fifth, crypto assets must also have economic benefits, such as taxation, grow industrial information and competence of experts in the field of informatics. Sixth, the risk of crypto assets has been agreed, including the risk of money laundering and terrorism, as well as the proliferation of weapons of mass destruction.

[kogozer714]

it might be true, because some of the Indonesian citizens choose bitcoin to invest which is very profitable from all existing investments. they learn with self-taught they try and bet and learn bitcoin for their own success.

[bitbunnny]

From what I know, in Indonesia, it is prohibiting bitcoin as a means of payment tool, but it still allows as a digital asset at the risk of each user's responsibility. And yes it's true, there are many users of bitcoin in Indonesia.

Yeah thats right, In Indonesia Bitcoin/Crypto should not be used as a means of payment, but the government there allows their people to have Bitcoin as just a precious commodity like gold. So it can be said Bitcoin/Crypto is digital gold in Indonesia.

Users in Indonesia can't use Bitcoin as a payment method in their own country but they can use it elswhere and online and that can't actually be controlled or stopped. Also, Indonesia is not one of the richest or the most developed countries in the world so people there see their opportunity in Bitcoin, that is also the reason why Indonesia has so much Bitcoin users. Similar is in other developing countries.

[shoreno]

the title of your thread dont have any connection to what have you said  . your message says that indonesian people are verry open to crypto but your title says " without legality "  

how the heck they can adopt crypto if its illegal in the first place  ?  did they buy privately/secretly ?  hhmmm....

anyway , i didnt know that indonesia is the second largest crypto adopter because i think russia or u.s  was the second next to china  then followed by other asian countries or maybe the statistics are change and updated now  ?

[MonsterV]

From what I know, in Indonesia, it is prohibiting bitcoin as a means of payment tool, but it still allows as a digital asset at the risk of each user's responsibility. And yes it's true, there are many users of bitcoin in Indonesia.

Yeah thats right, In Indonesia Bitcoin/Crypto should not be used as a means of payment, but the government there allows their people to have Bitcoin as just a precious commodity like gold. So it can be said Bitcoin/Crypto is digital gold in Indonesia.

Users in Indonesia can't use Bitcoin as a payment method in their own country but they can use it elswhere and online and that can't actually be controlled or stopped. Also, Indonesia is not one of the richest or the most developed countries in the world so people there see their opportunity in Bitcoin, that is also the reason why Indonesia has so much Bitcoin users. Similar is in other developing countries.

There is no regulation in Indonesia that prohibits using payment methods with bitcoin or crypto. Even the Indonesian government has not clearly legalized the regulation of Bitcoin. So far, only banks that criticize the use of bitcoin and the government are not responsible for everything that is caused by bitcoin, so Indonesian people are free to use bitcoin as a payment method but they cannot have legal protection and are fully borne by the user.

[freedomgo]

based on the results of a survey from TNS that collaborated with one of the LUNO crypto exchanges, they concluded that 63% of Indonesian people knew the crypto world.

How reliable they are? I would like to know what percent of the potential crypto users are surveyed so that 63% could be justified as realistic.

[barabarian1]

in my country, they legalize crypto as digital asset. so you can buy or sell only on exchanger. you can have bitcoin, store than sell when you gain profit. but you can make transaction using bitcoin.
people already apply transaction method but in a small store and it in a area that a lot of tourist. i hope, big store will provide that service to bitcoin member

[Nellayar]

Indonesia is a crypto powerhouse also. Aside from my country Philippines which is a crypto lover, Indonesia is a cryptocurrency enthusiasts. Many Indonesian people are taking risk in joining bounty campaign like Filipinos. Because of their enthusiasm, they are adapting cryptocurrency at fullest.

[7788bitcoin]

they realize that crypto is a solution to create a better economy. this percentage defeats Malaysia, France, Italy and Romania.
So, Indonesia is in second place after South Africa with a percentage of 70%.
of 63% of the Indonesian population, they have more bitcoin. Their reason is that bitcoin is the safest and most profitable investment product.

I am not sure how you can come up with a conclusion like that with a survey which i am sure will be biased, none of the major countries does not have any crypto regulations till now and there are countries who have bitcoin adoption than South Africa as we speak with countries like Turkey and Brazil just for debate i am writing this down, either way i would like to see all the under developed countries adopting bitcoin and there by the true value of bitcoin will be utilized everyone.

[veleten]

they realize that crypto is a solution to create a better economy. this percentage defeats Malaysia, France, Italy and Romania.
So, Indonesia is in second place after South Africa with a percentage of 70%.
of 63% of the Indonesian population, they have more bitcoin. Their reason is that bitcoin is the safest and most profitable investment product.

I am not sure how you can come up with a conclusion like that with a survey which i am sure will be biased, none of the major countries does not have any crypto regulations till now and there are countries who have bitcoin adoption than South Africa as we speak with countries like Turkey and Brazil just for debate i am writing this down, either way i would like to see all the under developed countries adopting bitcoin and there by the true value of bitcoin will be utilized everyone.

I would not trust a single research even by a legit company
there are so many variables that could lead to wrong extrapolations and the wrong results
how do the polls like this work? they ask a certain percent of the population , trying to represent the certain age groups , regions , professions etc.
they take, for example , 2000 respondents and extrapolate the results by 13000  , roughly ( population of Indonesia is 260 mil )
obviously , the companies cannot afford to question even 100.000 people , not even talking about a million
so the less people they question , the less reliable the results are
as far as I know , in Indonesia it is not about the cryptocurrencies boom , but about the low economical and living standards and low wages
statistically , most of the faucet and bounty campaign users are from  Indonesia , India , Ukraine etc. - people are simply trying to earn an extra buck
doesn't mean they are the grand adopters or know much about blockchain or similar things

[romero121]

Indonesia could've got increased number of cryptocurrency users and it I don't find this to have the second largest in terms of அடி adoption without legality. This year Indonesia has legalized it as a trading commodity which could've bought good number of users into it. This way they have everything to be in a organized structure with regular audit, client support. This is being taken by government to support the people who like to invest into cryptocurrency but quite often gets cheated by scams. This will give protection to those people. This way government has been supporting bitcoin in some way which could've boosted the userbase.

[Herros]

The existence of virtual currency, as well as Bitcoin CS in Indonesia has already got a green light from the Commodity Futures Trading Supervisory Agency (BAPPEBTI). However, Bank Indonesia (BI) and the Financial Services Authority (OJK) still prohibit the use of cryptocurrencies as a means of payment in the homeland. This digital money is also not a financial industry product.

[dupee419]

Quite true, I mean a lot of Indonesian have loved cryptocurrency, a country who loves crypto and has made a name for themselves in the crypto world, besides from this post being a year old, Indonesia has grown more when it comes to cryptocurrency, I forgot the link of the article where it showed how much Indonesians love cryptocurrency, I just don't have an idea if the country has either legalized or will legalize cryptocurrency, and if that happens then I think the amount of users in Indonesia would likely to increase much more.

[mu_enrico]

How reliable they are? I would like to know what percent of the potential crypto users are surveyed so that 63% could be justified as realistic.

Not reliable as usual 
I believe the survey used purposive sampling, which biased towards Luno's interest.


PS: I'm Indonesian and kindly ignore my fellow shitposters who said it is true.

[MidnightWolf]

How reliable they are? I would like to know what percent of the potential crypto users are surveyed so that 63% could be justified as realistic.

Not reliable as usual 
I believe the survey used purposive sampling, which biased towards Luno's interest.


PS: I'm Indonesian and kindly ignore my fellow shitposters who said it is true.

And yet I prefer to use only trusted sources, and not just those that are in the ranking.  Someone should be seen in that shows good results and only in this way can we talk about its legitimacy.