According to recent research made by Australian blockchain startup Coinformant, the number of people engaging with cryptocurrency publications in Indonesia has increased by more than 1,700%.
Countries such as Indonesia have witnessed a significant growth in public interest for cryptocurrencies such as Bitcoin (BTC) as a consequence of the worldwide surge in cryptocurrency adoption.
The report published on 15 October also announced that Indonesia has recorded the biggest year-on-year increase in engagement with cryptocurrency interests, followed by Chile and Argentina.
In addition, the report has stated that Indonesia had the highest crypto interest score, achieving 5.73 out of 10 in the survey, beating out other countries based on a combination of four factors.
The factors include the number of Google searches, the number of crypto articles published, the increase in engagement levels, and the amount of cryptocurrency owned.
Determining Data Collection Precision
According to the firm, Coinformant’s research methodology combines data from Chainalysis’ crypto ownership statistics as well as information on global crypto ownership.
Interestingly, the research found that Ukraine has the highest proportion of cryptocurrency owners, with more than 12% of the population owning cryptocurrencies.
According to Coinformant, despite the fact that Indonesia has won the first ranking in terms of total growth in crypto interest, the United States has consistently remained the largest country in terms of crypto engagement.
“This research is about the countries that have experienced the biggest increase in these factors this year, and it’s worth noting that when looking at the data by volume, the United States consistently comes out on top,” the company explained.
Indonesia’s Progress In The Cryptocurrency Arena
Despite imposing a ban on using cryptocurrency as a mode of payment way back in 2017, Indonesian authorities have kept cryptocurrency trading lawful and it is “business as usual” for cryptocurrency investors.
In the meantime, cryptocurrency-related businesses in Indonesia are also flourishing due to huge flow of funding as a consequence of increased interest among institutions and corporate organisations.
Pintu, a major Indonesian cryptocurrency wallet and trading platform, received about $30 million in financing in August 2021 from some of the cryptocurrency and blockchain sectors’ most famous investors such as Blockchain.com Ventures, Coinbase Ventures, Pantera Capital and many others.
Many central banks in Asia are seizing the possibilities as digital technologies continue to grow and change. Singapore, for example, has long been a pioneer in crypto payments, and its Monetary Authority of Singapore was one of the first Asian central banks to undertake in-depth technical research on cryptocurrencies.
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