7 months ago
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Indonesia conducted its presidential election in February 2024, with Subianto and Rakabuming emerging winners. During the presidential campaign, both Subianto and Rakabuming declared their support for the crypto economy.
Industry observers in Indonesia anticipate the country’s electoral results to positively impact the crypto industry. The report cites an interview with Subani, the head of Indonesia’s national crypto exchange, CFX, and William Sutanto from INDODAX.
The two executives believe that the new president-elect, former defense minister Prabowo Subianto, and the incumbent president’s son, Gibran Rakabuming, who were officially declared winners last week, will continue on the country’s already established crypto path.
Unchanged or Change for Better
Indonesia conducted its presidential election in February 2024, with Subianto and Rakabuming emerging winners. The duo won with almost 60% of the votes, giving their opposition a wide margin to beat.
During the presidential campaign, both Subianto and Rakabuming declared their support for the crypto economy. The president-elect pledged to introduce stringent regulations to curb tax evasion in Indonesia. At the same time, his vice president vowed to support the development of young experts in blockchain to foster innovation in the region.
With both crypto-friendly candidates declared the official winners by Indonesia’s electoral commission on April 25, Subani hopes that the country’s crypto sector will remain unchanged or improve.
Sutanto, on the other hand, expressed confidence in Gibran, who represents the younger generation, and his potential to drive advancements in the blockchain and crypto industry. He believes Gibran already has a strategic plan to move the industry forward.
“I’m sure that Gibran, representing the younger generation, has a roadmap that will advance blockchain and crypto,” Sutanto said.
Roles of Government in Indonesia’s Crypto Future
The INDODAX boss also told CoinDesk that he hopes the incoming administration will fully support digital assets, enabling Indonesia to compete effectively against regional competitors like Thailand, the Philippines, and Vietnam.
Sutanto is optimistic that Indonesia has the potential to become a major player in Southeast Asia’s crypto market with the right government.
Under the current administration, the country has flourished in terms of registered crypto users, but it still lags in trading volume. So far, Thailand and Vietnam are taking the lead. Still, Sutanto believes that with strong government backing, Indonesia can enhance its position in the region’s crypto landscape and attract more trading activity.
Despite the country not topping the charts in terms of transaction volume, Indonesia experienced significant growth without major obstacles under the current administration led by President Joko Widodo, Gibran’s father.
Widodo’s government implemented regulations for the sector and introduced the world’s first national exchange for crypto assets.
Additionally, his administration established a comprehensive tax system, with indications suggesting potential tax reductions for the crypto industry.
