Tether Operations Limited has recently announced a strategic partnership with Reku, an Indonesian cryptocurrency exchange, to promote crypto literacy in Indonesia. This collaboration aims to educate the public about blockchain technology and digital assets through a series of educational events scheduled from September 2024 to March 2025. The roadshow will cover ten major Indonesian cities, including Bali, Medan, Yogyakarta, Surabaya, and Jakarta, focusing on raising awareness about blockchain technology, crypto assets, and peer-to-peer systems. The goal is to equip Indonesians with the knowledge needed to make informed decisions in the digital economy.
Reku, founded in 2018, has become a significant platform in Indonesia, allowing users to buy, sell, and invest in digital assets. The partnership with Tether reflects both companies’ commitment to advancing crypto literacy in Indonesia and aligns with Tether’s strategy of supporting crypto adoption in emerging markets. Jesse Choi, co-CEO of Reku, expressed optimism about the collaboration, highlighting that the literacy series will reach thousands of participants and further familiarize Indonesians with blockchain technology and crypto assets. This partnership represents Tether’s dedication to promoting digital literacy globally through its educational department, Tether EDU.
Tether’s focus on education extends beyond Indonesia, with initiatives like the Plan ₿ Summer School in Switzerland, aimed at democratizing access to blockchain and crypto education. In 2022, Tether launched this program as part of a broader initiative to make Bitcoin, Tether, and the LVGA token legal tender in southern Switzerland. The Indonesian cryptocurrency market has experienced significant growth, ranking 7th globally in cryptocurrency adoption in 2023, according to Chainalysis. The country saw a substantial increase in crypto transactions, reaching 211 trillion Indonesian Rupiah (US$13 billion) in May.
As of November 2023, Indonesia has reported 20.16 million registered crypto investors, indicating the country’s growing role as a hub for crypto activities. However, despite this growth, the sector faces regulatory challenges. The Commodity Futures Trading Supervisory Agency (Bappebti) has warned that heavy taxation could hinder the industry’s development. Currently, crypto transactions in Indonesia are subject to a 0.10% income tax and a 0.11% VAT, while exchanges face a 0.02% transaction tax. These regulatory hurdles may impact the industry’s growth and development in Indonesia.
The partnership between Tether and Reku represents a significant step towards promoting crypto literacy in Indonesia and advancing blockchain technology awareness. With the roadshow scheduled to cover ten major cities in the country, thousands of participants will have the opportunity to learn about digital assets and peer-to-peer systems. This collaboration underscores the growing interest and adoption of cryptocurrencies in Indonesia, positioning the country as a key player in the global crypto market. Despite regulatory challenges, initiatives like Tether EDU aim to educate and empower individuals to participate in the digital economy and make informed decisions regarding digital assets.
