Bitcoin adoption in Indonesia has been growing quickly. The largest exchange is Bitcoin Indonesia, which recently switched to an open order book in March 2014 as daily trading volumes increased from 5 BTC in December 2013 to 30 BTC over three months. At 1,500 users, the exchange accepts bank transfers from large Indonesian banks like Bank Central Asia (BCA) and Bank Mandiri.
Other Indonesian Bitcoin exchanges like Artabit, Tuker.in, and Tukarcash.com do not appear to operate open order books but instead act as brokers. In addition to these centralized exchanges, LocalBitcoins is a popular means of obtaining Bitcoin among enthusiasts. Tukarkoin.com is another marketplace in the country for Bitcoin buyers and sellers.
While no bitcoin ATMs exist in Indonesia, Bitcoin Indonesia has plans to bring them into the country. Local merchant adoption appears to be very low, with small ecommerce sites and cafes leading the charge. Bitwyre is a local startup that provides Bitcoin payment processing solutions and plans to launch a spot and derivatives exchange.
Indonesian regulators appear to have taken a neutral stance on Bitcoin. Bank Indonesia, the country’s central bank, clarified that Bitcoin is neither currency nor legal tender but did not rule it to be illegal. It warns that users would bear all risks of transacting in the currency.
Other Indonesian Bitcoin exchanges like Artabit, Tuker.in, and Tukarcash.com do not appear to operate open order books but instead act as brokers. In addition to these centralized exchanges, LocalBitcoins is a popular means of obtaining Bitcoin among enthusiasts. Tukarkoin.com is another marketplace in the country for Bitcoin buyers and sellers.
While no bitcoin ATMs exist in Indonesia, Bitcoin Indonesia has plans to bring them into the country. Local merchant adoption appears to be very low, with small ecommerce sites and cafes leading the charge. Bitwyre is a local startup that provides Bitcoin payment processing solutions and plans to launch a spot and derivatives exchange.
Indonesian regulators appear to have taken a neutral stance on Bitcoin. Bank Indonesia, the country’s central bank, clarified that Bitcoin is neither currency nor legal tender but did not rule it to be illegal. It warns that users would bear all risks of transacting in the currency.