Tether Operations Limited has recently announced a strategic partnership with Indonesian cryptocurrency exchange, Reku, aimed at promoting crypto literacy in Indonesia. This partnership will involve a roadshow that will travel to ten major cities in Indonesia, including Bali, Jakarta, and Surabaya, to educate the public about blockchain technology, digital assets, and peer-to-peer systems. The goal of these educational events, scheduled from September 2024 to March 2025, is to equip Indonesians with the knowledge they need to make informed decisions in the digital economy.
Reku, founded in 2018, has become a significant platform in Indonesia, allowing users to buy, sell, and invest in digital assets. This partnership with Tether reflects the commitment of both companies to advancing crypto literacy in Indonesia and supporting crypto adoption in emerging markets. Jesse Choi, co-CEO of Reku, has expressed optimism about the collaboration, highlighting the potential impact of the literacy series in further familiarizing Indonesians with blockchain technology and crypto assets.
A key component of this partnership is Tether’s educational department, Tether EDU, which is focused on promoting digital literacy globally. Tether EDU is responsible for coordinating international programs that teach communities about the benefits and practical uses of digital currencies. This initiative aligns with Tether’s broader goal of expanding access to blockchain and crypto education on a global scale, with previous efforts including a Plan ₿ Summer School in Switzerland in 2022.
The Indonesian cryptocurrency market has experienced significant growth in recent years, with the country ranking 7th globally in cryptocurrency adoption in 2023. The country saw a substantial increase in crypto transactions, reaching 211 trillion Indonesian Rupiah (US$13 billion) in May. Additionally, the number of registered crypto investors in Indonesia surged from 8.25 million in November 2023 to 20.16 million by April 2024, highlighting the country’s growing role in the global crypto landscape.
Despite the growth of the crypto sector in Indonesia, regulatory challenges persist. The Commodity Futures Trading Supervisory Agency (Bappebti) has cautioned that heavy taxation could impede the industry’s development. Currently, crypto transactions in Indonesia are subject to a 0.10% income tax and a 0.11% VAT, while exchanges face a 0.02% transaction tax. These regulatory challenges underscore the importance of initiatives like the Tether and Reku partnership in promoting crypto literacy and supporting the sustainable growth of the crypto industry in Indonesia.
In conclusion, the collaboration between Tether and Reku to promote crypto literacy in Indonesia through a series of educational events is a significant step towards advancing blockchain technology and digital asset adoption in the country. By educating Indonesians about the benefits and practical uses of digital currencies, this partnership aims to empower individuals to make informed decisions in the digital economy. With Indonesia’s growing role in the global crypto landscape, initiatives like these are crucial in overcoming regulatory challenges and fostering a thriving crypto ecosystem in the country.
