Tether Partners with Reku to Foster Crypto Literacy in Indonesia

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Jimmy Aki

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Jimmy Aki

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Last updated:

September 4, 2024 11:54 EDT

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Tether Operations Limited announced a strategic partnership with Indonesian cryptocurrency exchange Reku on September 4, to promote crypto literacy through a roadshow across ten major cities in Indonesia.

Tether Collaborates with Reku to Strengthen Crypto Literacy in Indonesia

Read more: https://t.co/9XmwLNra2Z

— Tether (@Tether_to) September 4, 2024

This partnership focuses on educating the public about blockchain technology and digital assets through a series of educational events scheduled from September 2024 to March 2025.

The roadshow will cover ten major Indonesian cities, including Bali, Medan, Yogyakarta, Surabaya, Malang, Padang, Palembang, Pekanbaru, Balikpapan, and Jakarta.

It will focus on raising awareness about blockchain technology, crypto assets, and peer-to-peer systems, equipping Indonesians with the knowledge needed to make informed decisions in the digital economy.

Founded in 2018, Reku has grown into a significant platform in Indonesia, allowing users to buy, sell, and invest in digital assets.

This partnership reflects both companies’ commitment to advancing crypto literacy in Indonesia and aligns with Tether’s broader strategy of supporting crypto adoption in emerging markets.

Jesse Choi, co-CEO of Reku, expressed optimism about the collaboration, emphasizing that the literacy series will reach thousands of participants, further familiarizing Indonesians with blockchain technology and crypto assets.

Tether EDU and the Growing Adoption of Crypto in Indonesia

A key component of the Reku partnership is Tether EDU, Tether’s educational department focused on promoting digital literacy globally.

Tether EDU is responsible for coordinating international programs that teach communities about the benefits and practical uses of digital currencies.

Tether’s focus on education isn’t limited to Indonesia. In 2022, Tether launched a Plan ₿ Summer School in Switzerland to democratize access to blockchain and crypto education.

This effort is part of a broader initiative to make Bitcoin, Tether, and the LVGA token legal tender in southern Switzerland.

The Indonesian cryptocurrency market has experienced significant growth, with Indonesia ranking 7th globally in cryptocurrency adoption in 2023, according to Chainalysis.

The country saw a substantial increase in crypto transactions, reaching 211 trillion Indonesian Rupiah (US$13 billion) in May.

Registered crypto investors surged from 8.25 million in November 2023 to 20.16 million by April 2024, underscoring Indonesia’s growing role as a hub for crypto activities.

Despite this growth, the sector faces regulatory challenges. The Commodity Futures Trading Supervisory Agency (Bappebti) has warned that heavy taxation could hinder the industry’s development.

Currently, crypto transactions in Indonesia are subject to a 0.10% income tax and a 0.11% VAT, while exchanges face a 0.02% transaction tax.