Indonesia’s Election Results May Be Good for Crypto, Industry Watchers Say

As a researcher with a background in the Indonesian economy and technology sector, I am closely monitoring the recent presidential election results and their potential impact on the crypto industry in Indonesia.

In the Indonesian presidential election held in February, the winning team declared victory prior to the announcement of the official results, causing initial controversy. Nevertheless, for the cryptocurrency sector, this outcome signifies continuity and potentially more favorable regulations.

According to a Quick Count conducted after the polls closed, Prabowo Subianto, the former defense minister, and Gibran Rakabuming, the president’s son, secured approximately 60% of the national votes. This figure, confirmed last week, indicates that the ruling party will continue to govern the country. The crypto industry is cautious about expressing support for any particular candidate but sees this election outcome as potentially maintaining or even enhancing Indonesia’s blockchain strategy.

The chief executive of the Indonesian national cryptocurrency exchange, CFX, named Subani, asserted to CoinDesk that the platform maintains a non-aligned political stance.

As a crypto investor, I can’t help but note that during the recent election period and presidential debates in Indonesia, Mr. Gibran explicitly brought up cryptocurrencies. This recognition of the crypto industry is indeed encouraging for us investors.

Indonesia exhibits great enthusiasm towards cryptocurrencies, and during his election campaign, Gibran specifically highlighted this topic. He pledged to develop blockchain expertise within the nation.

Under President Joko Widodo’s leadership, Indonesia’s cryptocurrency industry has experienced significant growth with minimal restrictions. The government instituted regulations for the crypto sector and introduced the world’s initial national exchange for digital assets. Additionally, a comprehensive tax structure was established, and there are indications that tax reductions may be approved by his administration for this industry.

As a crypto investor, I believe that Gibran, being part of the newer generation, holds a clear plan to progress blockchain and digital currencies further. According to William Sutanto, a prominent figure at INDODAX, one of Indonesia’s leading crypto exchanges, he shared this perspective in an interview with CoinDesk Indonesia.

Sutanto expresses his expectation that the Indonesian government will offer robust backing for cryptocurrencies to make Indonesia a formidable player in Southeast Asia and enhance its competitive edge over countries such as Thailand, the Philippines, and Vietnam in this domain.

Indonesia boasts the highest number of registered cryptocurrency users among Southeast Asian countries. However, when it comes to trading volumes, Indonesia ranks below Thailand and Vietnam.

According to Yudhano Rawo, the CEO of Tokocrypto and a notable local cryptocurrency exchange, the integration of crypto and blockchain technology has the potential to significantly boost the national economy and attract investments in Indonesia. He emphasizes that the development of superior infrastructure, comprehensive education, and clear-cut regulations are essential to fostering growth within the country’s crypto industry.

Editor’s note: Direct quotes have been translated from Indonesian.