The aftermath of Indonesia’s recent presidential election appears to bode well for the country’s crypto industry, according to industry observers. With the victory of Gibran Rakabuming, the vice-presidential candidate from the incumbent ruling party, continuity in crypto policies is anticipated. Initially marred by controversy due to premature victory claims, the election outcome holds significant implications for the crypto sector.
Former defense minister Prabowo Subianto and Gibran Rakabuming, son of the current president, secured a commanding 60% of the nation’s votes in the Quick Count immediately following the polls. These results, officially ratified last week, reaffirm the ruling party’s grip on power and signal potential stability or even enhancement of Indonesia’s blockchain strategy.
While industry players maintain political neutrality, they interpret the election outcome as a positive indicator for the country’s crypto landscape. Subani, head of the national crypto exchange CFX, emphasized the sector’s satisfaction with the attention garnered during the campaign, particularly Gibran’s explicit mentions of crypto and promises to cultivate blockchain expertise.
During President Joko Widodo’s tenure, Indonesia witnessed significant strides in crypto regulation and infrastructure. Widodo’s administration introduced pioneering regulations and established the world’s premier national crypto exchange. Additionally, a comprehensive tax framework was implemented, with indications suggesting potential tax incentives for the crypto sector.
William Sutanto from INDODAX, a leading Indonesian crypto exchange, expressed confidence in Gibran’s potential to advance blockchain and crypto initiatives, especially considering his representation of the younger generation. Sutanto advocates for government support to position Indonesia as a formidable player in Southeast Asia, competing with nations like Thailand, the Philippines, and Vietnam. While Indonesia boasts the largest number of registered crypto users in Southeast Asia, its trading volumes trail behind Thailand and Vietnam.
Yudhono Rawis, CEO of Tokocrypto, underscores the pivotal role of infrastructure, education, and regulatory clarity in nurturing Indonesia’s crypto ecosystem. Rawis envisions crypto and blockchain as catalysts for economic growth and increased investment in the nation. With the election results solidifying the ruling party’s mandate, stakeholders in Indonesia’s crypto sphere are cautiously optimistic about the sector’s trajectory, anticipating continued support and conducive regulatory frameworks under Gibran’s leadership.
