- The government of Indonesia permits cryptos to be traded as commodities.
- The survey only included Indonesians making more than $14,000 a year.
According to research released on Monday by cryptocurrency exchange Gemini, Indonesians possess the most crypto assets in the world. In addition, many Indonesian investors see digital assets as a hedge against inflation.
Forty-one percent of Indonesians between the ages of 18 and 75 with an annual income of more than $14,000 possess crypto assets, according to a survey titled “Global State of Crypto Report.” Gemini evaluated 20 nations and found that the country came in at the top of the rankings.
Rising Inflation Adds Fuel
In addition, 61% of Indonesian respondents agreed with the concept that cryptocurrency represents the future of money, according to the poll. Indonesia was followed by Brazil, sharing the same percentage. However, the duo was followed by UAE, having 35%, as UAE is going all out to become a global crypto hub.
In Indonesia, the popularity of cryptocurrencies like Bitcoin, Ethereum, and Solana has increased over the last few years. As part of a broader plan to restructure the country’s digital economy, the government accommodated the currency’s growth. The government of Indonesia permits cryptos to be traded as commodities, even though they are not allowed to be used as a means of exchange.
According to the analysis, concerns about inflation were a major driver of adoption, the gender gap in crypto may be closing, and education remains the largest hurdle to investing in crypto worldwide. The survey only included Indonesians making more than $14,000 a year, a nation with a per capita income of $4,350 in 2021. Even so, the data in the paper helped shed light on Indonesia’s and the Asia Pacific region’s current adoption rates.