Indicators of increased crypto usage in Indonesia include celebrity tokens. Between 2020 and 2022, cryptocurrency investments in Indonesia grew significantly, with 4% of the country’s population investing in digital currency. According to Indonesia’s Commodity Futures Trading Regulatory Agency, crypto transaction volumes will exceed $34 billion in 2021.
This growth has resulted in a shift in public perception of cryptocurrency investing, particularly in the mainstream media. The involvement of Indonesian celebrities and influencers is one illustration of cryptocurrency’s growing public appeal.
Celebrities are Adopting Cryptocurrency
By 2021, Indonesian celebrities and influencers appear to have gotten significantly more interested in the country’s crypto investing business.
Many people have volunteered to be brand ambassadors for exchanges and crypto projects in order to help market them and, as a result, increase trading volume. Given celebrities’ inextricable presence in advertising and branding, the engagement of persons such as Joe Taslim, an Indonesian actor who has gone global, and Indonesian models and actresses Jessica Iskandar and Shandy Aulia may not be surprising. Some celebrities have even launched their own digital money.
The popularity of celebrity tokens has exploded, especially since one of Indonesia’s most well-known musicians, Anang Hermansyah, produced his own. As of February 2022, three celebrity tokens have gone viral in Indonesia: VCG (VCG), Asix (ASIX), and I-Coin (ICN).Anang Hermansyah, a well-known figure in Indonesia’s music industry, leads Asix.
Thanks to a collaboration with RANS Entertainment, VCG went viral. Raffi Ahmad and Nagita Slavina, a married couple who are well-known movie stars and business executives in Indonesia and who was recently named the Sultans of Contents by Forbes Indonesia, run this company.
Wirda Mansur, a famous figure and the daughter of a well-known Indonesian Islamic imam, founded I-Coin. The names of the celebrities who support them, as well as their marketing staff, have made their token go viral, causing a lot of FOMO among Indonesia’s beginner investors.
But, long before these, an influencer named Indra Kenz initiated the trend by creating his own token, Botxcoin, with his team (BOTX).
Indonesia is seeing a Rise in Crypto Use
Indonesia’s crypto scene has grown as a result of the trend of celebrities and influencers teaming up to build and promote crypto initiatives. The rise has been exponential, with transaction volumes increasing by more than 100 percent since 2020, thanks largely to individual investors.
Institutions grew interested as well, as indicated by their engagement in blockchain or crypto-related project funding and investment. Sinar Mas, a major commercial group, backed the development of NanoByte (NBT), a new cryptocurrency with Tokocrypto as a partner.
Bottom lines
Indonesian financial institutions may be compelled to invest in the blockchain or cryptocurrency sector as a result of these developments. However, this puts pressure on regulators to adopt new policies to help Indonesia keep up with the rest of the world.
Also Read: Bollywood actor Amitabh Bachchan to Launch His Personal NFT Collection
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