Crypto Assets Expected to Bounce from Current Plummeted Transaction

By Editorial Team 06/11/2023
cryptocurrency
Summary

The Financial Services Authority's (OJK) Executive Director for the Supervision of Technological Innovation in the Financial Sector, Digital Financial Assets, and Cryptoassets Hasan Fawzi stated that the value of cryptocurrency transactions continues to decline. In January-September, cryptocurrency transactions amounted to only Rp 94.4 trillion, decreasing 69.19 percent compared to 2022 and 90 percent compared to the transactions throughout 2021.

This situation contrasts with the increasing number of investors in the last two years. In 2021, the number of cryptocurrency investors reached 11.2 million and increased to 16.7 million in 2022. In January-September 2023, the number of cryptocurrency investors reached 17.9 million. According to Hasan, the decrease in transactions is due to the peak of market interest having passed. Another reason is the entry barriers for investors, such as value-added tax (VAT) and income tax (PPh), which have been in effect since May 1, 2022. "Investors have responded sensitively to these taxes," he said on Nov 3.

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