“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.
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.
“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.