Emerging market: Bitcoin Exchange BitX expands to Indonesia

BitX focused since the beginning of the Bitcoin market to the emerging markets and is now with the expansion to Indonesia another important step. With 252 million people, Indonesia is one of the world's fastest growing economies. In addition to the branches in Kenya and Malaysia, BitX is now opening an office in Jakarta. In order to be able to gain a foothold as soon as possible, the Bitcoin Exchange will only hire local employees. This has above all the advantage of an authentic service in mother tongue.

BitX assumes that most users will use the service via Android or iOS apps. The apps were already developed and launched in November of last year.

With the app, users can not only buy Bitcoin in Indonesian Rupiah, but by running at the same time a "Know Your Customer Process" (German: Know your customer process) that can potentially be an important part of regulation.

Regional Competition

With an average age of 27, 9 years and a strong growing purchasing power, Indonesia offers the perfect breeding ground for the bitcoin business. This base is likely to attract more competitors to the country in addition to a few already established Bitcoin companies.

One of the already successfully established Bitcoin exchanges runs under the name Bitcoin Indonesia. Bitcoin Indonesia opened its doors at the end of 2013 and began public trading in March 2014.

We are eager to see which news will reach us from the land of the gods and volcanoes.

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English original version of John Southurst via CoinDesk

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