New Report Shows Indonesia Tops the Chart in the Global Surge in Interest in Crypto

Australian blockchain education startup says Indonesia tops the chart as the number one country in terms of interest in cryptocurrencies
Australian blockchain education startup says Indonesia tops the chart as the number one country in terms of interest in cryptocurrencies

A new report from Australian blockchain education startup Coinformant has placed Indonesia on the top of the chart across 50 nations profiled as the nation with the highest interest in cryptocurrencies. The Asian nation received the highest ‘crypto interest score of 5.73, aggregated per its performance across four basic areas including the number of Google searches, the number of published crypto articles, engagement level increase, and crypto ownership.

Per Google searches, Indonesia saw a 575.2% increase as defined by the total searches of 245,250 in the 2019/20 period to 1,656,010 in the current 2020/21 period. Indonesia notably ranked second place behind Chile in the Google searches criteria despite this massive growth, however, the overall factors pooled in the country’s favor.

“Indonesia was the second-highest ranking country when it comes to increase in the number of Google searches over the last twelve months and also had one of the highest increases in engagements with articles about crypto, giving it the overall top spot on our ranking,” the report reads.

In the ranking, Chile, and Argentina occupied second and third place with interest scores of 5.26 and 4.79 respectively. The world’s major economies including the United States, Britain, and Japan earned the 13th, 16th, and 50th places respectively. Kenya ranks as the highest African nation with a score of 4.18 while China, with its incessant crackdown on the cryptocurrency ecosystem, was not featured in the ranking.

Indonesia Tops the Chart, Affirms Regional Interest Shifting

The fact that Indonesia tops the Coinformant chart is an indication that interest in digital currencies is not inherent to a particular continent. It is surprising to know that the ban on digital currency activities in Indonesia has not swayed the curiosity of citizens in the country, whom the Coinformant data says about 7.2 million people now own or transact in digital currencies.

Per earlier reports from TheCoinRise, Indonesian authorities were allegedly training lawyers in crypto crime, as the ban on the nascent asset class took a new turn back in 2019. Additionally, several African nations including Nigeria have banned cryptocurrencies, however, TheCoinRise confirmed this has not slowed down the embrace of Bitcoin in the region.