Bitcoin Price In Indonesia – As the price of Bitcoin has risen, and so have its environmental costs, governments and climate-conscious investors are beginning to take notice.
BITCOIN has gained many fans since its launch in 2009. Once the domain of anarchists and redditors, the digital currency has piqued the interest of hedge-fund managers and technology entrepreneurs, especially Elon Musk, the eccentric founder of Tesla and SpaceX. In February, Tesla announced that it has invested $1.5 billion in cryptocurrency and will begin accepting tokens as payment for its electric cars. Overnight, the price of Bitcoin reached 46,000 dollars. The total value of bitcoins in circulation, more than 900 billion dollars, now exceeds the market value of Facebook.
Bitcoin Price In Indonesia
But as the price of Bitcoin has increased, so has its thirst. According to the Cambridge Bitcoin Electricity Consumption Index, a tool developed by British University researchers, Bitcoin mining used the equivalent of 150 terawatt-hours of electricity in the week ending May 13 (see chart), more than in the entire year. Energy consumption of the Netherlands. Other studies have given similar results. In March, Dutchman and another popular Bitcoin power device creator, Alex de Vries, estimated that cryptocurrency power could be consumed by all the data centers in the world combined.
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Bitcoin’s devastating power comes in the way it is brought into circulation. Creating new coins and verifying transactions requires the use of computers to perform complex calculations, a process called “mining.” Crypto miners compete to record the latest “blocks” of Bitcoin transactions by solving cryptographic puzzles, a high-powered process. As more bitcoins are produced, the difficulty of these puzzles increases to keep the block production rate constant. This requires a very powerful computer that uses more power.
The government is starting to give notice. In China, where 70% of mining takes place, regulators are monitoring mining-related data centers to measure their impact on energy consumption. In April, the Beijing Municipal Bureau of Economic and Information Technology sent an “urgent notice” to the city’s data center operators to inform them that they are involved in bitcoin or other crypto mining and a share of the energy used in their operations. Rules tend to be followed.
On May 13, Musk took to Twitter to dismiss Tesla’s previous stance on bitcoin payments, citing the cryptocurrency’s “crazy” energy demand. The price of the cryptocurrency immediately fell by almost 17%. Mr. Musk made it clear that electric car manufacturers will accept bitcoin mining “when it turns into more sustainable energy”. Bitcoin boosters say the digital currency can be instrumental in accelerating the transition to renewables. Like most things, there are two sides to the coin. By 2021, the number of global crypto holders is expected to increase by 3.9% to more than 300 million crypto users worldwide, with more than 18,000 businesses accepting cryptocurrencies. as a payment. India currently has 100 million users, followed by the United States with 27 million and Russia with 17 million.
According to Triple A data, Indonesia has the 7th largest crypto user base, behind Brazil and Pakistan. About 7.2 million Indonesians hold cryptocurrency, while according to the Indonesian Blockchain Association, in July 2021, the number of crypto owners in Indonesia is 7.4 million, an increase of 85% from 2020. This number is significant. The number of stock investors in Indonesia is only 2.7 million, according to information from the Indonesian Stock Exchange.
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The population of Indonesia in June was 272 million, which means that only 2.7% of the Indonesian population owns crypto. This shows that the crypto industry still has room to grow, develop and reach. Many corners of Indonesian society.
The rapid growth of crypto investors in Indonesia is the result of Indonesian regulators welcoming crypto and blockchain development with open arms. Throughout 2021, there are many discussions with authorities, new crypto regulations and developments in the industry.
According to Tila Riskia, head of development of local media industry company Coinvestasi, the growing number of Indonesian crypto investors also reflects the rise of crypto media. “In 2021, Coinvestasi gained a lot of new viewers across our channels, including Instagram and YouTube, which increased by more than 1,787% and 1,388% respectively.”
2021 is an incredible ride for cryptocurrencies and in this article we will look at the hottest trends in the Indonesian crypto industry last year.
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Bitcoin (BTC) is legal as a commodity in Indonesia and can be traded on crypto exchanges. Earlier this year, the Commodity Futures Trading Regulatory Authority (BAPPEBTI) issued a whitelist of legal crypto assets for trading in Indonesia.
The whitelist includes 229 cryptoassets, including Bitcoin, Ether (ETH), Polkadot (DOT), Cardano (ADA) and memecoin Dogecoin (DOGE), which are allowed to be traded on registered exchanges.
These crypto assets are selected by two methods: the first is the legal method that looks at the top 500 coins based on market rates according to the rules in Rule 5 of 2019.
Through the second-stage analysis process, BAPPEBTI evaluates security features, profiles of founders and development teams, blockchain management, blockchain scalability, roadmap and verifiable progress.
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With the growth of crypto users and investors in Indonesia, the government, through BAPPEBTI and the Directorate General of Taxes, is also considering taxing crypto trading. For now, crypto taxation is still under discussion with many market players such as exchanges and industry associations.
BAPPEBTI said the crypto tax in Indonesia could be around 0.05%, lower than the 0.1% tax imposed on stock trading.
At the same time, the government is reported to have started discussing the income tax of investors on crypto assets of 0.03%.
The question of whether bitcoin and crypto assets are halal (permissible) or haram (forbidden) under Islamic law is a long and heated debate. As a country with a majority Muslim population, the topic is important for Indonesia.
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In October, the East Java branch of one of Indonesia’s largest Islamic organizations ruled that while the government can recognize cryptocurrencies, it cannot be considered halal “based on a number of considerations, including widespread fraud, which is considered illegal.”
Less than a month later, the National Ulema Council (MUI) – Indonesia’s highest organization of Islamic scholars – found cryptocurrencies haram due to elements such as “uncertainty, gambling and danger”.
Also, trading crypto as a digital commodity/asset does not meet the other requirements of Islamic financial law because, according to the MIU, it lacks the necessary elements of physical form, value, privacy and transferability. to the buyer.
The development of non-fungible tokens (NFT) began in Indonesia in 2021, especially the governor of West Java, Ridwan Kamil, stepped into the trend by inviting artists from West Java to create and promote commercial NFTs on the NFT platform. such as OpenSea.
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NFT: An Innovation Economy Seiring dgn logika2 baru ekonomi digital. Saya akan kekei transfarsi kesejahteran baru new mental economy utk para belagu Cretif economy. Yaitu bantu menjukan karya2 துத்து jalan di bursa aset digital dunia yaitu NFT through pasar marketplace Opensea. pic.twitter.com/p91VlRBtZI — ridwan kamil (@ridwankamil) November 25, 2021
Indonesian singer Syahrini sold 17,800 NFTs for 20 Binance USD (BUSD) or about 286,300 rupees per NFT on the Binance NFT exchange, making the singer’s total income about 5.1 billion rupees or $356,000.
There is also Chef Arnold Bornomo, a celebrity chef who created his own NFT and promoted it on Twitter.
Tokens issued by the exchange, Binance Coin (BNB) and FTX Token (FTT), can be used by holders to receive benefits offered by the exchange, such as discounts on deposits, no withdrawal fees, opportunities to participate in promotional activities, etc. .
Indonesia Flag And Cryptocurrency Falling Trend With Many Golden Bitcoins. Concept Of Reduction Bitcoin In Price Or Bad Conversion In Cryptocurrency M Stock Photo
Indonesia’s local exchange started issuing its own token in 2021, with Tokocrypto launching Toko Token (TKO) in partnership with Binance Launchpad. Since the start of the list this year, TKO has grown by more than 1,000%.
Domestic crypto exchange PINTU launched the Pintu Token (PTU) in November, which is currently available on exchanges such as Pybit and FTX and is backed by leading investors such as Lightspeed, Coinbase and Pantera.
With two local exchanges launching their own tokens in 2021, it will be interesting to see if other exchanges such as Indodax, Rekeningku or Triv follow in 2022.
Binance has partnered with MDI Ventures, a subsidiary of Telkom Indonesia, to create a new exchange.
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As part of the partnership, Binance will provide infrastructure and asset management technology to support the development of the crypto asset exchange platform, a collaboration between the two companies.
Donald Vihartja, CEO of MDI, said that the partnership will help crypto and blockchain, which he believes is the financial system of the image.
With a friendly regulatory environment, support and cooperation from cryptocurrency companies around the world, and increased interest in trading digital assets, it will be interesting to see how it goes.
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Originally posted 2023-07-07 08:19:03.
