Kenneth Yeung looks at the risky lure of cryptocurrency.

With the Indonesian economy taking a battering this year, cryptocurrencies priced in US dollars are attractive to some Indonesians looking to protect their wealth or get rich quickly. Unfortunately, digital currencies are also a magnet for scammers.

As the rupiah sank to an all-time low of 18,209 against the US dollar in June 2026, some crypto platforms were quick to promise “guaranteed USD returns” and “passive income” to “protect your savings from inflation.”

Crypto is legal in Indonesia as an investment product but not as a currency. This means that while you can buy, hold, and sell approved crypto assets, they cannot be used to pay for goods or services.

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