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Cryptocurrencies

Indonesia sees growing bitcoin usage despite not legally recognised

Thursday 5 January 2017 | 12:11 PM CET

The Indonesian market has seen a rise of the bitcoin transactions even though the digital currency is not legal yet in the country.

In 2014, Bank Indonesia, the Indonesian central bank, released a statement declaring that bitcoin was not legally recognised as money or legal tender, cryptocoinsnews.com reports.

A report from the Jakarta Post states that the number of bitcoin users in Indonesia has risen from 80,000 up to 250,000, with a daily transaction value amounting to USD 1.48 million.

In 2010, over USD 5 billion was sent back home from Indonesian migrant workers across the world. While a report from 2015, found that bitcoin remittance services could save Indonesia migrant workers USD 374 million.

To boost bitcoin payments in the country, it was announced in May 2016 that an ecommerce and digital payment platform in Indonesia, KinerjaPay, had enabled bitcoin payments for transactions on its platform for the first time.

Through this feature, users can pay for utility bills, make money transfers and buy products sold on the platform with bitcoin.

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