Devaluation of Currency Enhanced Cryptocurrency Use in Indonesia

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William D. Baltzell
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Joined: Thu Nov 07, 2019 8:19 am

Wed Mar 25, 2020 12:45 pm

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The number of crypto users in Indonesia has grown lately, given that the current fiat currency is losing its value. Eleven per cent of Indonesians are switching to cryptocurrencies, and what makes the number even more impressive is that only 64% of Indonesians have access to the internet.

Indonesia is a relatively young country, so the switch to cryptocurrency is not that hard to guess, almost 1 in 9 citizens is using cryptocurrency, that's quite a substantial adoption rate.

Devaluing of IDR Opened The Door For Cryptocurrency

People of this country are preferring to hold crypto as a store of value rather than the Indonesian rupee (IDR). This is due to it being constantly decreasing against the dollar, and right now, it is at its lowest level since 1998. One of the reasons behind this staggering fall is the global coronavirus pandemic. At the time of reporting, the USD /IDR is trading near 16,400.

Today, news from Indonesia says that 107 new cases of the corona have popped up, bringing the total to 686. Indonesia has been hit massively, and seven people have lost their lives.

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