Tether Teams Up with Reku to Promote Crypto Literacy Across Indonesia
Tether Operations Limited is proud to announce a milestone partnership with Indonesian cryptocurrency exchange firm Reku in an ambitious effort toward furthering crypto literacy in the rapidly growing Indonesian market. The partnership, which involves a roadshow across ten major cities in Indonesia set to educate the public on blockchain technology, digital assets, and the wider crypto economy, was announced on September 4, 2024.
The better approach to change this trend is the crypto literacy campaign by Tether and Reku. Cities that the roadshows may target include but are not limited to Bali, Medan, Yogyakarta, Surabaya, Malang, Padang, Palembang, Pekanbaru, Balikpapan, and Jakarta. These events, running from September 2024 through March 2025, provide Indonesians with an enabling environment to make educated decisions about digital currencies and blockchain technology.
Reku, an exchange founded in 2018, cemented its position in Indonesia’s crypto exchange market by providing its customers with a platform to buy, sell, and invest in a variety of digital assets. The partnership announced now has a very good relevance with Tether’s and Reku’s mutual vision regarding crypto literacy advancement and further boosting the knowledge of blockchain technology in the region.
The co-CEO of Reku, Jesse Choi, stated that he is “super excited” about the collaboration as it would reach thousands of participants who would go deep into the crypto space and its ability to revolutionize the whole setup of the digital economy.
Tether EDU and Growing Adoption of Crypto in Indonesia
Core to this endeavor, Tether EDU-the educational arm of Tether-is at the forefront in efforts to increase digital literacy globally. Tether EDU is spearheading various worldwide initiatives that have set out to educate communities about the advantages and benefits of using digital currencies. The partnership with Reku is the latest step in Tether’s global mission of empowering people through crypto knowledge.
The organization has been actively involved in educational outreach worldwide. Last year, the Plan ₿ Summer School was launched in Switzerland with the goal to democratize access to blockchain education. The initiative is part of a wider strategy as far as increasing crypto adoption in markets like Indonesia goes.
Indeed, the Indonesian crypto market has seen notable growth, ranking the country 7th in cryptocurrency adoption around the world this year, according to Chainalysis. This becomes evident from a surge in crypto transactions reaching 211 trillion Rupiah, about US$13 billion, this May 2024, placing Indonesia in a very important position within the global crypto economy. Meanwhile, the number of crypto investors listed in the Commodity Futures Trading Regulatory Agency increased from 8.25 million in November last year to 20.16 million this April, indicating rapid growth in investor interest.
Challenges Ahead for Indonesian Crypto Sector
While crypto adoption has started increasing, issues are evident in the Indonesian market, and the prevailing regulatory frameworks remain the biggest hurdle. According to Bappebti, this may be very challenging due to the heavy taxations in place that hinder the growth pace of the crypto industry. The transactions related to crypto attract an income tax rate of 0.10%, VAT of 0.11%, and a transaction tax of 0.02% from the exchanges.
This new deal that Tether has signed with Reku is, therefore, thought of by many to be a step in the right direction, as it will foster a better understanding of cryptocurrency and blockchain technology while preparing Indonesians for the full-scale digital economy.
