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Indonesia has been known for cracking down on cryptocurrencies such as Bitcoin thanks to the retaliatory stance of Bank Indonesia, the country’s central bank. Bank Indonesia has been apprehensive of Bitcoin for several years now and in June 2021 announced it will prohibit the use of cryptocurrencies as a payment tool.

The Ministry of Trade for India reported that transactions for cryptocurrencies grew from 60 trillion rupiahs ($4.1 billion) in 2020 to 859 trillion rupiahs ($59.83 billion) in 2021. There is also a trend toward crypto investment when compared to traditional portfolio investors. The Vice Minister of Trade Jerry Sambuaga stated that more than 11 million Indonesians bought or sold crypto in 2021, while 7.35 million portfolio investors were reported by the Indonesian Central Securities Depository for the same period.

Recent data suggests that Bitcoin trading volumes on peer-to-peer exchange LocalBitcoins has increased big time, which means that people are still interested in the digital currency. If you are in Indonesia and want to buy Bitcoin, refer to our handy guide on Bitcoin exchanges in Indonesia.

There are quite a few options that you can tap to buy Bitcoins in the country, though you need to see which one fits your need the best depending on transaction fees, verification requirements, withdrawal limits, payment options, and security. However, some exchanges might require you to get a wallet before you can buy Bitcoin for storing the cryptocurrency.

Some people also get a wallet on their own for security reasons. In case you don’t have a Bitcoin wallet, read our guide on the Best Bitcoin & Cryptocurrency Wallets. Once you have a wallet, you can start buying Bitcoin from an exchange of your choice and store the tokens in the wallet.

As far as spending Bitcoin in Indonesia is concerned, there isn’t any option available given the central bank’s directive. So Bitcoin holders in Indonesia either use the currency as a means of investment or for making payments internationally.

Therefore, Indonesia isn’t a pro-Bitcoin market yet, despite recent measures to legitimize futures trading of cryptocurrencies. As long as Bank Indonesia doesn’t remove its ban on using Bitcoin as a method of payment, its adoption will remain hindered.

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There are three main types of Bitcoin wallet and all of them are supported in Indonesia:

• Software (desktop or mobile - iOS and Android wallets
• Hardware wallet
• Cold-storage (paper or steel wallets, the latter of which are used to backup your main wallet.

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Ethereum (ETH) has established itself as the second most popular digital currency, after Bitcoin. Its smart contract features allow unique apps to be built on top of its platform. Below you will find exchanges in Indonesia that allow you to buy ethereum. Once you buy, you should withdrawal your ETH directly to your own crypto wallet.

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Thanks to Tesla founder Elon Musk, Dogecoin (DOGE)—a coin that started as a meme about the shiba inu dog—has recently become a popular digital currency. Below you can find crypto exchanges in Canada that allow you purchase Dogecoin.

About Dogecoin: Dogecoin has become one of the most famous altcoin blockchains. Dogecoin was founded by Jackson Palmer and Billy Markus on December 6, 2013. Thanks to its popularity on Robinhood, it hit an all time high of $0.42 on April 20. Doge started the year at under $0.01 USD. It is an open source blockchain, meaning its code is publicly available for anyone to see.

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Litecoin (LTC) is one of largest cryptocurrencies by market cap. Below you can find a list of brokerages in Indonesia that allow you to buy litecoin and other crypto assets for good exchange rates.

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There have been no exchange hacks in Indonesia's history with cryptocurrency. That is most likely because Indonesia is so quick to shut anyone down who is attempting to sell cryptocurrencies or faciliate their trade. If exchanges aren't allowed, there are no exchanges for anyone to hack.

Interestingly, Indonesia (along with the US, Nigeria, and Vietnam) suffers from some of the highest victim rates in the world when it comes to crypto scams. That is according to data from Harry Denley of MyCrypto of London, England.

Denley analyzed around 118,000 clicks to urls leading to known scam urls and tracked ~266 ETH.

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Does Coinbase work in Indonesia?

Coinbase ONLY allows crypto-to-crypto conversions for Indonesian residents as of September of 2020.

Where Can I Find a Bitcoin ATM in Indonesia?

Unfortunately, you cannot find any Bitcoin ATMs in Indonesia anymore. At one time, there was a Bitcoin ATM in Bali, however it has since been removed as of September 2020.

You can use our Bitcoin ATM finder tool to check back in occasionally and see if one has opened.

What is the price of Bitcoin in Indonesia?

Bitcoin prices are changing every second.

The best way to find the most up-to-date price of Bitcoin is to check out our Bitcoin price page.

How do I cash out of Bitcoin in Indonesia?

Any exchange with a Indonesian Rupiah trading pair will allow you to sell your Bitcoin for fiat currency. Luno has IDR trading pairs for many popular coins.

LocalBitcoins is another option. Here, you can buy and sell Bitcoin for a wide range of payment methods, from gift cards to bank transfers. LocalBitcoins is a peer-to-peer (P2P) exchange, where you buy and sell with another individual. This does introduce a degree of risk, though by ensuring that you conduct all business on the platform, make use of its escrow services, and only trade with users who have a good reputation, you'll minimize any potential problems.

You could also use a service like eGifter to sell your Bitcoin for gift cards.