Indonesia reports record-breaking trade volumes

Indonesia is breaking records in the recent turn of events and will Venezuela behind in no time. Venezuela has been the world’s leader in peer-to-peer Bitcoin trading volume for some time now. In fact, the country has broken its own records several times over in the past few months. The country was leaps and bounds ahead of every possible competitor.

However, that has changed as in a turn of events Indonesia’s Localbitcoins trading volume has increased by more than 300% that makes it a valid competitor to Venezuela. The statistics came from Coin Dance that analyzes Bitcoin trading volumes concerning regions and countries.

Localbitcoins is a network that allows peer-to-peer exchanges without the involvement of any external party in the exchange. According to the data, the weekly trade amount was seven hundred and thirty thousand dollars ($730,000) last week while the previous record was three hundred and nineteen dollars ($319,000), i.e., the new record is more than the double of the previous record.

This huge spike in the trading has come along the announcement of the Indonesian watchdog that all exchanges must follow the AML laws. The Indonesian Commodity Futures Trading Regulatory Agency dubbed as Bappebti plans to make cryptos as a tradeable commodity.

However, previously the country imposed a minimum paid-up capital requirement that upset quite a lot of people and hinders in the growth of the community. In fact, the requirement is so high that it is cheaper to open a bank now.

Sources reported that the Localbitcoins services would be making changes after receiving EU directives. The directives are to appear in March and would cause huge changes for the users as some may speculate that people with large volume users will be asked to provide ID details.