In a bid to enhance crypto literacy in Indonesia, Tether Operations Limited has joined forces with Indonesian cryptocurrency exchange Reku in a strategic collaboration announced on September 4. The partnership aims to boost awareness and understanding of blockchain technology and digital assets through a comprehensive roadshow spanning ten major cities in Indonesia.
The roadshow, scheduled to run from September 2024 to March 2025, will traverse cities such as Bali, Medan, Yogyakarta, Surabaya, and Malang, among others. The primary focus is to educate Indonesians on blockchain technology, cryptocurrencies, and decentralized systems, empowering them to navigate the digital economy with knowledge and confidence.
Founded in 2018, Reku has emerged as a prominent platform in Indonesia, enabling users to engage in buying, selling, and investing in digital assets. The recent partnership underscores the mutual commitment of both companies to foster crypto literacy in Indonesia and aligns with Tether's overarching mission of promoting crypto adoption in emerging markets.
crypto-in-indonesia">Tether EDU and the Growing Adoption of crypto in Indonesia
A key element of the collaboration is Tether EDU, Tether's educational branch dedicated to advancing digital literacy globally. Tether EDU spearheads international programs aimed at educating communities on the merits and practical applications of digital currencies.
Not confined to Indonesia, Tether's educational endeavors extend beyond borders. In 2022, Tether launched the Plan ₿ Summer School in Switzerland with the goal of democratizing blockchain and crypto education. This initiative forms part of a broader strategy to establish bitcoin, Tether, and the LVGA token as legal tender in southern Switzerland.
Indonesia has witnessed remarkable growth in its cryptocurrency market, positioning the country as the 7th global leader in crypto adoption in 2023, as reported by Chainalysis. The surge in crypto transactions in Indonesia, reaching a significant value of 211 trillion Indonesian Rupiah (US$13 billion) in May, underscores the increasing traction of digital assets in the country.
From 8.25 million registered crypto investors in November 2023 to a staggering 20.16 million by April 2024, Indonesia's transformation into a crypto hotspot is unmistakable. However, regulatory challenges loom on the horizon. The Commodity Futures Trading Supervisory Agency (Bappebti) has voiced concerns over heavy taxation potentially impeding industry growth, with current tax regulations stipulating a 0.10% income tax and a 0.11% VAT on crypto transactions.
