Indonesia a ‘crypto hotspot’ as engagement grows 1772 per cent
Indonesia has seen surging interest in digital assets this year and ranks as the world’s top “crypto hotspot” according to research by Coinformant.
In Indonesia online engagement has grown by 1,772 per cent this year as more people than ever before read articles and searched for information about digital assets. Annual search volume jumped by 575.2 per cent, beaten only by Chile where search volume increased by 707 per cent in 2021.
“Indonesia is the world’s crypto hotspot of 2021,” researchers at Coinformant wrote. “Its interest in cryptocurrencies accelerated the fastest across the board.”
It comes as Indonesia’s government takes a supportive stance towards the use and ownership of digital assets. Indonesia’s Finance Minister recently told local media that the government is in favour of regulating crypto, but will not pursue an outright ban.
While interest in crypto is growing fast Indonesia has not historically been a leading region for crypto adoption.
In 2020 only 2.66 per cent of Indonesia’s 273m population owned crypto, trailing adoption rates in the Ukraine where 12 per cent of the population holds digital assets – more than any other country worldwide.
Nonetheless, surging levels of engagement suggest that there is plenty of scope for growth according to Coinformant analysts.
The data chimes with Chainalysis’ latest global crypto adoption index which ranked emerging economies including Vietnam, Kenya and Pakistan at the top of the list for uptake.
Read more: Crypto adoption jumps 881 per cent in a year