Indonesia is one of the countries where the Cryptocurrency fever is re-shaping the financial markets. Why? Because in the next days or weeks, there will be more cryptocurrency traders than traditional stock traders.
Indonesia Traders Move Towards Bitcoin
The Indonesia Digital Asset Exchange, known as Indodax, has 1.14 million users according to its website. This is just something impressive, considering that it opened in 2014 as a Bitcoin exchange. At the same time, the Indonesia Stock Exchange, which opened 106 years ago, has 1.18 million registered participants.
It is very possible that there are more cryptocurrency investors than stock traders in this Asian country. The information is from one of the most important exchanges in the country, but there are several others that could help the numbers grow up.
According to Indodax Chief Executive Officer, Oscar Darmawan, thousands of individuals join the platform on a daily basis.
“We are seeing almost 3,000 new members signing up everyday. Most people are trading in bitcoins though transactions in Ethereum have increased significantly of late,” he commented.
This is something that South Korea has also experienced in a similar way. The South Korean cryptocurrency market is processing more trades than the country’s stock market. In South Korea, the youngsters and millennials are very interested in cryptocurrencies, something that can be seen in the market.
Indonesian Central Bank Warnings
In the past, the central bank of Indonesia has warned investors about the risks of investing in cryptocurrencies. At the moment, there is no information about a possible cryptocurrency ban in the country, like in China for example.
Indonesia as well as many other countries in the world are moving towards cryptocurrencies. Some time ago, we wrote at UseTheBitcoin that, CFTC Chairman Christopher Giancarlo explained that cryptocurrencies are much more interesting for younger generations that the traditional stock market.
“We must crack down hard on those who abuse our young enthusiasm for bitcoin and blockchain technology,” he said to the congress. “We owe it to this new generation, to respect their interest in this new technology with a thoughtful regulatory approach.”