Cryptocurrency is spreading but it is not spreading equally.
Some countries and continents are embracing it more openly than others and some citizens have more opportunities to use it. The benefits of welcoming cryptocurrency into a society have been identified by those societies that have already done so. Crypto can help the local economy, enable smoother business processes and provide much-needed added convenience to the financial affairs of everyone.
In Indonesia, Bitcoin has been welcomed to the cool-kids table. The popularity of this crypto has grown for many reasons, which will be discussed below. An increasing number of Indonesians are choosing Bitcoin, especially now as there is a vast amount of information on how to create and utilise a bitcoin wallet at sites like Luno. So let’s explore even more reasons as to why this digital currency is sought after.
Bitcoin is Helping Unbanked Populations
Indonesia is a beautiful country with plenty to see and do, but it is also one of the most heavily populated countries on Earth. In fact, it is the fourth most populated country in the world sitting just behind the USA. When you combine this fact with the knowledge that around 80% of Indonesia’s population remains unbanked, you unearth a staggering problem. To paint an even clearer picture, there are around 180-million Indonesians that are currently unbanked.
Having such a large population of citizens without a bank account is problematic, to say the least. It causes a problem on a personal and national level. Those populations find it hard to escape low standards of living and the national economy suffers. That’s where Bitcoin comes in. Cryptocurrency is helping to offer these unbanked people in Indonesia financial services in the form of e-wallets like the Luno Bitcoin Wallet mentioned earlier. Now, Indonesians can send and receive digital coins as their own bank manager.
Indonesia Opening Arms to Bitcoin
The adoption of cryptocurrency in any country is made much easier when local governments and central banks approve its use. Furthermore, adoption becomes even more seamless when a territory publishes legislation on its use as this opens up opportunities for businesses and puts people at greater ease to use it.
Although Indonesia has yet to dot the ‘I’s and cross the ‘T’s, there have been some significant moves from the country’s hierarchy. Indonesia runs a trading regulation agency known in short as Bappebti. This agency has recently signed a decree that verifies cryptocurrency as a legal and genuine trading commodity that can be now traded on their stock exchanges. Current cryptocurrency exchanges now have a legal certainty that was not present before, including the need to record transactions and action processes that block fraudsters and money laundering.
The move comes with a lot of hoops that cryptocurrency exchanges may have to jump through. Yet, it also makes the use of crypto in Indonesia safer with fewer opportunities for scammers to steal the wealth of the country’s citizens. With crypto doing good and becoming better equipped in Indonesia, its growth is unlikely to stop any time soon