Bitcoin Trading Volume In The USA & Indonesia On LocalBitcoins Reach ATH

In February, the US traders on LocalBitcoins, a peer-to-peer platform registered significant growth as it traded $31.5 million worth of Bitcoin. In comparison to the previous traded value where it didn’t break above $12.4 billion, the platform saw a significant surge.

Source: Coin Dance

Another country to join the ranks of Venezuela in terms of reaching record trading volume in Bitcoin is Indonesia. According to the data provided by Coin Dance, the last week saw a huge spike on the P2P Bitcoin exchange, LocalBitcoins. Traders exchanged 10.3 billion rupiahs ($730,000) in comparison to previous week’s 4.5 billion rupiahs ($319,000). In the weeks before, the value exchanged has been around half a million rupiah only.

Source: https://coin.dance/volume/localbitcoins/IDR, Source: Coin Dance

This has been in line with the recent news that came from the Indonesian Trade Ministry Futures Exchange Supervisory Board (Bappebti). By passing the regulation No.5/219, the regulatory authority has given the cryptocurrencies formal recognition as commodities.

Based on the new ruling, digital assets are now legalized in the country. It further involves cryptocurrency exchanges that must employ services to keep the records of their transactions for a minimum of five years.

“We want to give protection to people who want to invest in crypto assets so that they aren’t cheated by fraudulent sellers,” said Bappebti chief, Indrasari Wisnu Wardhana on the need for these regulations.

Other countries that saw a similar surge in 2019 and especially in the month of February are Peru and South Korea.

In the first week of February, 3.5 million Peruvian Sol ($1,052,109 USD) were traded by Peru people on LocalBitcoins.However, the last week saw a dip to 2.8 million Peruvian Sol ($858,618 USD).

The first week of February also saw a surge in Bitcoin trading volume in South Korean Won on LocalBitcoins at 132,337,436 South Korean won($1,17,589 USD).

Back in December 2018, it has been revealed by South Korea’s financial regulator that various crypto related bills have been submitted to the National Assembly that revolves around user protection. Meanwhile, the ban on ICOs will remain in the country.

“The government has taken a cautious stance on the institutionalization of ICOs. We will stick to it,” confirmed the state financial regulator, the Financial Services Commission (FSC) in a press release on Jan. 30.

Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Price Analysis Watch (Feb 18th)

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