Indonesia Bitcoin traders have fled cryptocurrency exchanges to Localbitcoins in the week the government enacted anti-money laundering regulations for the industry.
Volume Up 300 Percent In A Week
Data from Coin Dance, which tracks weekly Localbitcoins volumes in various markets, confirms a huge spike for the seven days ending February 16.
Localbitcoins functions on a P2P basis with users creating and accepting private sales of Bitcoin for fiat currency and vice versa.
According to the Coin Dance data, traders exchanged over 10.3 billion rupiah ($730,000) last week, dwarfing the previous record of 4.5 billion ($319,000) set the week before.
The phenomenon coincided with an announcement from Indonesia’s Commodity Futures Trading Regulatory Agency, also known as Bappebti, formalizing the need for exchanges to comply with AML…