Despite resistance from governments across the globe, cryptocurrencies and blockchain technology continue to gain popularity due to negligible charges, faster transaction, and transparency. Indonesia is turning out to be a classic example for this case. The country’s top cryptocurrency exchange INDODAX (Indonesia Digital Asset Exchange) is on the verge of overtaking the country’s century-old stock exchange in the number of users.
According to Oscar Darmawan, CEO of INDODAX, formerly Bitcoin.co.id, the cryptocurrency exchange, which currently has 1.14 million clients, will have 1.50 million members by the end of this year. If that happens, then INDODAX will bypass Indonesia Stock Exchange, which presently has 1.18 million registered users, according to data from the Indonesia Central Securities Depository. The stock exchange offers offers stocks, futures, and exchange-traded funds.
Commenting on the explosive growth Darmawan said
“We are seeing almost 3,000 new members signing up every day. Most people are trading in Bitcoins though transactions in Ethereum have increased significantly of late.”
The company completed a rebranding exercise yesterday, switching its name from bitcoin.co.id to INDODAX or Indonesia Digital Asset Exchange. Darmawan stated that the rebranding exercise was mainly done to clear doubts about the company’s principle operation. Many people mistook the company for a Bitcoin based payment system. Darmawan has guaranteed that the rebranding would proceed in a smooth manner without affecting clients.
Earlier this year, Bank Indonesia had warned its clients from using cryptocurrencies as legal tender. The central bank had also joined hands with the police department to curb Bitcoin based transactions in the island of Bali. However, none of these actions seem to have any effect on the growing popularity of cryptocurrencies.
