Indonesia’s Election Results Could Boost Crypto, Say Observers

by

As a crypto investor who has been closely following the developments in Indonesia’s crypto sector, I am hopeful that the new administration will build upon the progress made under the current government. The fact that both Subianto and Rakabuming have expressed their support for the crypto economy during their campaign is a positive sign.

According to industry insiders in Indonesia, the upcoming electoral outcomes are expected to bring about favorable conditions for the crypto sector. This prediction is supported by the insights shared in a report, which features interviews with Subani, the leader of national crypto exchange CFX, and William Sutanto from INDODAX.

Two leading figures in the government, Defence Minister Prabowo Subianto, the new president-elect, and President Joko Widodo’s son Gibran Rakabuming, both hold the conviction that Indonesia will persist with its existing cryptocurrency direction following their official victory last week.

Unchanged or Change for Better

As a researcher studying Indonesian politics, I can share that the presidential election in Indonesia took place in February 2024. In this election, Subianto and Rakabuming emerged as the winners. They secured nearly two-thirds of the votes, leaving their opposition with a substantial lead to overcome.

During the presidential race, Subianto and Rakabuming expressed their backing for the crypto economy. The incoming president promised tough regulations to prevent tax evasion in Indonesia. Simultaneously, his vice president committed to promoting the growth of budding blockchain specialists to encourage technological advancement in the area.

After the Indonesian electoral commission announced the victories of crypto-friendly candidates on April 25, Subani is optimistic that the nation’s cryptocurrency sector will either maintain its current state or experience further development.

Instead of “Sutanto, on the other hand, expressed confidence in Gibran, who represents the younger generation, and his potential to push forward developments in the blockchain and crypto sector. He is convinced that Gibran has a well-thought-out blueprint for advancing this industry.”

“Sutanto is confident that Gibran, as part of the younger generation, holds a blueprint for progressing blockchain technology and cryptocurrencies.”

Roles of Government in Indonesia’s Crypto Future

The head of INDODAX shared with CoinDesk his expectation that the new government will strongly back digital assets, allowing Indonesia to keep pace with rival countries such as Thailand, the Philippines, and Vietnam in this sector.

Sutanto is hopeful that Indonesia possesses the capability to emerge as a significant force in the cryptocurrency scene of Southeast Asia under the right government conditions.

As a crypto investor, I’ve noticed that under the current administration, the number of registered cryptocurrency users in our country has significantly grown. However, when it comes to trading volume, we still lag behind countries like Thailand and Vietnam. Nevertheless, I am optimistic that with the strong backing of our government, Indonesia can boost its standing in the regional crypto market and draw more trading activity.

Although Indonesia doesn’t rank first in transaction volume among countries, it has achieved substantial growth under President Joko Widodo’s leadership, encountering few hindrances.

The Widodo administration enacted industry regulations and launched Indonesia’s first national cryptocurrency trading platform.

Further, his government introduced a detailed tax framework, hinting at possible tax cuts for the cryptocurrency sector.

Read More

2024-04-30 20:34