Indonesia can be a leader on the market of Bitcoin in Asia

At first glance, Indonesia has the necessary conditions to become a leader on the market of Bitcoin in Asia. As the fourth most populated country in the world, nearly 80 percent of indonesians still do not have bank accounts. In addition, they still use cash in their various transactions. The main advantage of digital currencies is that it does not require opening a bank account.

The users of crypto-currencies have long championed the huge potential of the Bitcoin. This technology is perfect for those who do not have access to traditional banking services. According to Zac Cheah, CEO of Pundi X, a start-up specializing in crypto-currencies, Indonesia is now ripe to adopt the digital currency.

Increase in the number of users of Bitcoins in Indonesia

Given these conditions, it was expected that the Bitcoin grows in Indonesia. And for the most part it is true. Oscar Darmawan, CEO of Bitcoin Indonesia, the main stock exchange of the country which control more than 70 % of the trade of Bitcoins in the country, has observed what he calls the exponential growth of the users of crypto-currency on their platform. It has seen its users grow by 50 000 members by 2015 500,000 this year.

Here is a video clip of the interview with an indonesian working in a company-trade of Bitcoin :

With these users, the company carries out a transaction day-to-day more than $ 10 million. However, Darmawan believes that he has not even touched 1% of the total population in Indonesia. The opportunity to conquer a larger market is huge, he explained.

Perspectives of investors

The BlockBali Blockchain Conference this year has attracted more than 300 investors from 31 countries. However, Indonesia has recorded a small decrease on the radars of international investors. Not because investors are wary of the success of crypto-currencies, but because there has not been major players in the market who can justify a huge investment.

Siddharth Sthalekar, founder and CEO of Sacred Capital, a company evaluating the ICO has explained that on paper, Indonesia is a region that is well positioned to take advantage of technology Blockchain.

Source : Forbes