From 40 Meetups a Month to Nationwide Freedom: Bitcoin Indonesia’s Real-Life Comeback
Summary
Bitcoin Indonesia is thriving with 40 monthly meetups and a community of 55,000, promoting Bitcoin adoption amid economic challenges. Their innovative legal strategies and educational initiatives are revitalizing interest in cryptocurrency across the archipelago, fostering financial literacy and empowerment.
Key Insights
What legal strategy did Bitcoin Indonesia use to revive adoption after the 2018 government crackdown?
Bitcoin Indonesia founders adopted a legal strategy classifying Bitcoin use similarly to credit card rewards and airmiles programs, which were exempt from the 2018 Bank of Indonesia regulation banning cryptocurrencies as payment instruments. This enabled compliant merchant adoption through ecash mints like Fedi, where users redeem Bitcoin in stores without direct spending.
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How does Bitcoin Indonesia maintain legal compliance while promoting a circular economy?
Users do not directly spend Bitcoin; instead, they redeem it through member stores in the Fedi ecash mint network, estimated at 10,000 to 20,000 members. This approach adheres to local laws prohibiting cryptocurrencies as payment methods while fostering merchant adoption and education across 40 monthly meetups in 40 cities.
Sources:
[1]