Bappebti Suspects FOMO Factor Boosting Crypto Investments Among Youth

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Jakarta. Indonesia now has 16.55 million investors in crypto assets as of November 2022, and many of them are millennials, according to the Futures Exchange Supervisory Board or Bappebti.

Bappebti reported that 48% of investors in crypto assets in the country are between 18 and 35 years old. However, Bappebti worries that these millennials are only investing in crypto because of their fear of missing out (FOMO).

“Crypto-assets are an extremely volatile investment. One day it may suddenly go up, but the next day it will go down, even stronger than a roller coaster,” Bappebti acting chief Didid Noordiatmoko said in Jakarta on Thursday.

“This is something the public needs to take note of, especially since 48% of our crypto investors are between the ages of 18 and 35. “, said Didid.

Bappebti has partnered with the Indonesian Association of Crypto Asset Traders (Aspakrindo) to build crypto literacy, especially among millennials. The two plan to make February a literacy month, during which they will organize crypto literacy activities across the archipelago.

Didid said he hopes the collaboration with Aspakrindo will also improve the quality of crypto assets in Indonesia.

“I hope we will have local coins traded here in Indonesia. As of now, we only have 10 local coins available for trading, but we hope there will be more in the future,” he added.

Crypto exchange plan

Bappebti is working alongside Aspakrindo to accelerate the formation of a crypto exchange. This collaboration will allow Bappebti to obtain information from exchangers or merchants while paving the way for better governance for both teams. Aspakrindo can also contribute to Bappebti as a regulator, and vice versa.

According to Didid, the crypto exchange in Indonesia is planned for 2023, although he still could not reveal the exact date. The scholarship will be under the Ministry of Commerce for the first two years. The government will then hand over the exchange to the Financial Services Authority (OJK).

Indonesia originally planned to establish the exchange in 2022, but Bappebti decided to postpone the launch date so that additional preparations could be made.

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