The Indonesian government has recently legalized the crypto use in the country and this has resulted in major crypto service providers to launch their services in the country. The latest addition to join the Indonesian crypto boom is Binance. The firm has started to translate its platforms content in the local Indonesian language and has announced the launch of Bahasa Indonesia version of their service.
As per the last update, a total of 80 articles have been translated by the staff and contributors of the platform. The translated articles contain key features and terms of their service offering to make it feasible for every local to understand their services.
The main Binance platform comprises of total 726 articles, videos, glossary, and other crypto focused media content. Out of these total content, about 10% has been already translated for the Indonesian crypto enthusiast.
Indonesia a Booming Cryptocurrency Market
The decision to join in the crypto boom is quite cynical for Binance, given they are one of the most known faces of the crypto world. Ted Lin, Binace’s chief growth officer was quoted,
“Binance Academy’s expansion to offer Indonesian content reaffirms Binance’s strong commitment to advancing crypto education through quality, unbiased knowledge sharing that is freely accessible to all.”
Lin noted that Indonesia has all the potential to take a massive leap in the crypto game after the government’s decision to legalize crypto use. Lin also claimed that the country has more bitcoin investors than traditional stock investors. Lin said, currently there are 1.5 million Bitcoin investors compared to only 1.18 million traditional stock investors to prove his point.
Indonesia Can Serve as a Perfect Crypto payment Ecosystem
The decision by the Indonesian government would definitely attract a number of major crypto service offering firms to launch their products in the country. However, it still has a long way to go before it becomes a hot spot for crypto trading.
Many crypto analysts believe that the country has every potential to become the leaders in blockchain traction, since it offers payment ecosystems that are more cost-efficient, uncensorable, decentralized, and quicker than traditional mediums, like the bank.
However, despite legalizing the crypto use, there are certain aspects that the regulatory governance needs to work upon. Take minimum deposit for opening a crypto exchange in the country, many believe its too high for the existing player to make a move in the country and this might turn out to be Achilles heel in the growth of crypto acceptance.
Another major point of worry is that the government has not allowed for cryptocurrency use as a daily mode of exchange, and it might just be limited to trade markets and investment. One of the government officials pointed out that, legalizing crypto would not replace the use of government-issued fiat.
The news of legalizing cryptocurrency use surely brought a lot of joy for the crypto enthusiasts, and many new and established players are looking to expand their territory to Indonesia. However, there are certain restrictions which might discourage big players from entering the market. One of them being the high initial setup cost.
Another major hindrance in the crypto boom is the limitations that have been on the crypto use, the regulators only want you to trade cryptos and not use it as a daily driver. It has been done to avoid the fall of their fiat and that might be a big concern for the players looking to launch their crypto service or products.