30s Summary

The majority of cryptocurrency investors in Indonesia are aged 18-30, according to data from local crypto platforms and the Commodity Futures Trading Regulatory Agency (Bappebti). They mainly trade in Tether’s USDt, Ether, Bitcoin, Pepe, and Solana. Despite a new double tax system on crypto transactions, interest remains high. Bappebti officials have encouraged a revision of the tax rules, considering the growing financial role of cryptocurrencies. This trend of young adults investing in cryptocurrencies aligns with global trends outlined in recent US and international studies.

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Looks like the cryptocurrency craze in Indonesia is being led by the younger crowd! More than half of the country’s crypto users are aged between 18 and 30 – that’s according to information dropped by the local commodities regulator last September.

So how do the numbers exactly pan out? Well, local crypto platforms and the Commodity Futures Trading Regulatory Agency, also known as Bappebti, found out that over 60% of Indonesia’s crypto investors belong to the 18-30 age group. Digging deeper, the report from September disclosed that nearly 27% of them are aged 18 to 24, whereas a little over 35% are between 25 to 30 years old.

When we talk about the amount of crypto trading, a whopping 33.67 trillion Indonesian rupiah, or roughly $2.1 billion, was the total tin of transactions made. By September, the crypto user count in Indonesia soared to 21.27 million.

And which cryptocurrencies are they trading, you ask? Well, they’re mostly trading Tether’s USDt, Ether, Bitcoin, Pepe, and Solana.

In Indonesia, cryptocurrencies are treated as commodities. That means Bappebti has set up a proper structure for crypto trading. However, it’s not all smooth sailing for the country’s crypto users, thanks to a double tax system on crypto transactions.

Despite the taxes, Indonesians still continue to be into digital currencies. The Indonesian government levied a 0.11% value-added tax and a 0.1% capital gains tax on crypto transactions starting 2022.

But get this, Bappebti isn’t exactly thrilled about it and has been nudging the government to rethink its tax rules on cryptocurrencies. Some top dogs at Bappebti even asked for an overhaul of the tax system on March 2. They reckon crypto could soon play an integral role in the country’s economy and are pushing for tax evaluation.

It must be noted that the younger generation’s interest in crypto is emerging as a global trend. A recent study in the United States found that 20% of Gen Z adults (18-26 years) and 22% of millennials (27-42 years) are more inclined to invest in crypto assets than the older folks. Going global, a Bitget study involving over 255,000 people across 26 countries revealed that 46% of millennials in major economies own cryptocurrencies.

Source: Cointelegraph