BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Crypto

Indonesia Has International Plans for Local Crypto Token ($TKO)

BlockNews Team by BlockNews Team
September 27, 2022
in Crypto, Investing, Media, Politics
Reading Time: 3 mins read
A A
Indonesia-Flag-With-Bitcoin
1
SHARES
13
VIEWS
Share on TwitterShare on Reddit

“TKO TOKEN UTILITY: TKO by TokoCrypto will be the first local Indonesian cryptocurrency project to offer a unique hybrid model.”

If the Indonesian government is correct, its locally issued crypto token could one day join palm oil and coal among Southeast Asia’s major export commodities. The Indonesian government believes that its local cryptocurrency token($TKO) will one day join coal or palm among significant export commodities. The government thinks the tokens will be a top SouthEast Asia commodity.

You might also like

Around The Block – MAR 24 Week in News

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

UK to Mandate Declaration of Crypto Holdings in Tax Forms

Even though Jakarta, Indonesia’s massive capital, is looking into cryptocurrency regulation, Indonesia’s presidential administration is taking another turn. President Joko Widodo’s administration is looking to grow the economy using cryptocurrency. The administration hopes to benefit from taxing local digital assets that will make it to global trading platforms, including Indonesia’s local cryptocurrency.

According to Indonesia’s Vice Minister, Jerry Sambuaga, 

“Indonesia is looking forward to having a lot of commodities to be exported. And we can grab this opportunity to make crypto one of the potential export products.”

Cryptocurrency Adoption in Indonesia despite the Ban

Using cryptocurrency as a form of payment is forbidden in Indonesia. Both Islamic law and local regulations prohibit this. The law applies to about 87% of the country’s population, 237 million people. Indonesia, however, classifies cryptocurrency in the same category as commodities like gold and grain.

Cryptocurrency is popular in Indonesia. Most citizens are getting into online trading, and cryptocurrency happens to be among the things that the citizens trade. The market is growing into the most dynamic market globally. Indonesia’s trade ministry says that the country now has over 14 million cryptocurrency users. This population is larger than the 9 million users who trade stocks.

However, the number of crypto traders has declined by 300% since 2020. The main reason for this is due to a large percentage of an unbanked population. Even though the bear market has eroded volumes of the crypto markets, Indonesians have traded $14.3 (212 trillion rupiahs) billion worth of cryptocurrency during the first half of 2022.

What is Indonesia’s Local Cryptocurrency Token?

Tokocrypto ($TKO) is Indonesia’s first cryptocurrency built on the Binance Launchpad. The crypto coin was launched in 2021 and is now widespread in Indonesia. When writing this article, the cash sat at $0.25 with an ATH of $4.91 in May 2021. It has a circulating supply of 75 million coins and a total supply of 500 million coins. 

The token is a blue chip project that is in partnership with Binance. It is the first holistic CeDeFi ecosystem in Indonesia. According to the official website, 

“TKO will be the driver of our DeFi products, including Farming Pool and NFT Arcade, while BIDR, as an Indonesian rupiah-pegged stablecoin, will be the medium for Indonesians to participate in DeFi for greater financial inclusion…Tokocrypto is a digital asset exchange that has been breaking records in trading volumes and user registrations, well on its way to becoming the most prominent digital exchange in Indonesia.”

With a market cap of 500 million coins and only 75 million users, the coin is promising. Indonesia being bullish on it is not a mistake. Crypto adoption is increasing and growing. If the country is correct, $TKO might become an internationally traded commodity. 

Tags: BlockchaincryptoWeb3
TweetShareShare

Recommended For You

Around The Block – MAR 24 Week in News

by BlockNews Team
March 24, 2023
0
Around the Block

Introduction In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of March 20th....

Read more

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

by BlockNews Team
March 24, 2023
0
quicknode

QuickNode is leading the charge as Web3 is poised to revolutionize the world, but it needs its "WordPress moment" to accelerate positive disruption. Blockchain technology can upend manual-intensive...

Read more

UK to Mandate Declaration of Crypto Holdings in Tax Forms

by BlockNews Team
March 24, 2023
0
parliment

The government hopes to close regulatory gaps and stop illegal operations by enacting rules that address various parts of the industry. The requirement to disclose cryptocurrency holdings in...

Read more

The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

by BlockNews Team
March 24, 2023
0
The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

Crypto prices display rapid fluctuations as the U.S. Federal Reserve hikes interest rates by 0.25%. Investors remain upbeat about the medium-term outlook of Bitcoin and the wider crypto...

Read more

Telegram Enables USDT Stablecoin Payments on the Tron Network

by BlockNews Team
March 24, 2023
0
Telegram

Telegram integrates USDT-TRON (TRC20) into its platform, allowing users to send the stablecoin to their contacts seamlessly and without transaction fees. Telegram's venture into cryptocurrencies began with the...

Read more
Next Post
Changpeng Zhao-Binance-Logo

Binance CEO: “There Is Positive Progress for Crypto Regulation, but It Will Be a Long Process”

Related News

Unstoppable Domains

Unstoppable Domains Set to Roll Out Web3 Messaging Service on Ethereum

March 24, 2023
Solana Experiences Another Outage, Significantly Hurting its Price

Solana Experiences Another Outage, Significantly Hurting its Price

June 2, 2022
gensler sec

SEC Chair Gensler Says The Crypto Crackdown Is Just Getting Started

December 27, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Around The Block – MAR 24 Week in News March 24, 2023
  • Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption March 24, 2023
  • UK to Mandate Declaration of Crypto Holdings in Tax Forms March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?