Tether and Reku Join Forces for Crypto Education in Indonesia
Tether Operations Limited has recently formed an exciting strategic partnership with Reku, an Indonesian cryptocurrency exchange. Announced on September 4, 2024, this collaboration aims to enhance cryptocurrency literacy through a comprehensive educational roadshow encompassing ten major cities in Indonesia.
Focus on Crypto Literacy and Education
This initiative emphasizes the importance of educating the public on blockchain technology, digital assets, and the workings of peer-to-peer systems. Running from September 2024 to March 2025, the roadshow is designed to equip Indonesians with the knowledge necessary to navigate the digital economy effectively.
The roadshow will tour significant cities including Bali, Medan, Yogyakarta, Surabaya, Malang, Padang, Palembang, Pekanbaru, Balikpapan, and Jakarta, making it accessible to a wide audience. By addressing various topics related to crypto, Tether and Reku aim to empower individuals to make informed decisions about their investments and financial futures.
Details of the Educational Series
As part of the promotional activities, Reku will be hosting an exclusive AMA (Ask Me Anything) session with their Chief Commercial Officer on August 14, 2024. Participants can join the discussion via Telegram to learn more about the forthcoming Q3 roadmap and regulatory updates. This session is just one of the many ways the partnership intends to engage the community and promote active learning.
Reku: A Growing Platform in Indonesia’s Crypto Landscape
Since its founding in 2018, Reku has established itself as a vital player in the Indonesian cryptocurrency market. The partnership with Tether showcases both companies’ commitments to enhancing crypto literacy and supporting the adoption of digital currencies in emerging markets.
Jesse Choi, co-CEO of Reku, expressed enthusiasm for the collaboration, stating that they anticipate reaching thousands of participants throughout the literacy series. By increasing awareness and understanding of crypto assets, the initiative aims to cultivate a more informed and engaged populace when it comes to financial technology.
Introducing Tether EDU and Broader Educational Strategies
A core element of this partnership is Tether EDU, which is Tether’s global educational arm dedicated to promoting digital literacy. Tether EDU not only oversees international programs that teach communities the benefits and practical applications of digital currencies but also strives to make crypto education accessible worldwide.
Tether’s commitment to education is global, as demonstrated by initiatives like the Plan ₿ Summer School in Switzerland, launched in 2022. These efforts are part of a broader strategy aimed at making Bitcoin and Tether legal tender in certain areas, showcasing the company’s dedication to fostering an environment conducive to cryptocurrency adoption.
Growing Crypto Adoption in Indonesia
Indonesia’s cryptocurrency market has witnessed remarkable growth, currently ranked 7th globally in cryptocurrency adoption according to a report by Chainalysis. In May 2024, the country recorded a staggering 211 trillion Indonesian Rupiah (approximately US$13 billion) in crypto transactions.
By November 2023, Indonesia boasted over 8.25 million cryptocurrency investors, a number that surged to 20.16 million by April 2024. This rapid increase underscores Indonesia’s emergence as a key player in the global crypto landscape.
Challenges and Regulatory Landscape
Despite this burgeoning growth, the Indonesian cryptocurrency sector faces some regulatory hurdles. The Commodity Futures Trading Supervisory Agency (Bappebti) has expressed concerns that heavy taxation could impede the industry’s development. Currently, crypto transactions in the country are subjected to a 0.10% income tax and a 0.11% VAT, alongside a 0.02% transaction tax for exchanges. These regulatory challenges could affect the trajectory of crypto adoption in Indonesia, highlighting the importance of initiatives like the Tether and Reku partnership to foster a more educated investor base capable of navigating these complexities.