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Bappebti: Digital Physical Gold Trading Transactions Increase 556% To IDR53.3 Trillion
Saturday, 14 Dec 2024
The Commodity Futures Trading Regulatory Agency (Bappebti) has reported a significant growth in the digital physical gold market in Indonesia. The Secretary of Bappebti, Olvy Andrianita, stated that from January to November 2024, the value of digital physical gold transactions reached IDR 53.3 trillion, marking a remarkable increase of 556 percent compared to the same period last year, which recorded IDR 8.1 trillion. In terms of transaction volume, digital physical gold trading during this period amounted to 43.9 tons, soaring by 430.6 percent compared to the previous year.
"The digital physical gold trading in Indonesia has shown a notable upward trend recently. The increase in transaction value contributes significantly to the market. While it still lags behind cryptocurrencies, we greatly appreciate this growth," she remarked at the 2024 Digital Physical Gold Trading Literacy and Exhibition event held at the Novotel Hotel in Tangerang on December 13, 2024. Looking ahead, she anticipates that the digital physical gold trading sector will face several challenges in 2025, including ongoing conflicts in the Middle East, shifts in the global economic landscape, potential recessions in various countries, climate change, and fluctuations in global commodity prices, including gold.
The political dynamics within the country, marked by a new government and plans to transfer oversight of certain commodity products from Bappebti to the Financial Services Authority (OJK) and Bank Indonesia (BI), also present unique challenges for this sector. Nevertheless, she assured that gold commodity trading will continue to be monitored by Bappebti. Based on the agency's analysis, it is projected that transactions in the digital physical gold market will increase by 10-20 percent in 2025. "This will not be easy, as there are many challenges ahead. In the future, price fluctuations, including those of gold, will continue to rise and fall, but the overall trend is expected to be upward in a world that remains highly unstable," she concluded. (ferry@insightinnews.com)
