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

Industry observers say the winners of Indonesia’s recent presidential elections can ensure the consistency of crypto policy in the country.

Gibran Rakabuming, the winning vice presidential candidate of the current ruling party, promised to create blockchain experts during his campaign.

Indonesia’s February presidential elections initially ended in controversy, with the winning duo declaring victory before the official results were announced. But for the crypto industry, this win means consistency and perhaps even continued crypto-friendly regulations.

According to the Rapid Count, former defense minister Prabowo Subianto and Gibran Rakabuming, the son of the incumbent president, received 60% of the country’s votes immediately after the polls closed. These results, finalized last week, mean the ruling party will remain in power, and while members of the crypto industry are careful not to take sides, they see the election results as a sign that the country’s blockchain strategy may remain unchanged or change for the better.

Subani, president of national crypto exchange CFX, told CoinDesk Indonesia that the exchange is politically neutral.

“But it is true that Mr. Gibran specifically talked about crypto during the election period and presidential debates, and we are pleased with the interest shown in the crypto industry in Indonesia,” Subani said.

Indonesia is an enthusiastic crypto adopter, and Gibran made a point of mentioning crypto during his campaign, promising to create blockchain experts in the country.

Under the government of Gibran’s father, President Joko Widodo, Indonesia’s cryptocurrency industry has enjoyed mostly unimpeded growth. Widodo’s government introduced regulations for the crypto sector and launched the world’s first national exchange for crypto assets. A comprehensive tax system has also been established by his government, and there are signs that this could give the green light to tax cuts for crypto.

“I am confident that Gibran, who represents the younger generation, has a roadmap to advance blockchain and crypto,” William Sutanto from INDODAX, one of Indonesia’s leading crypto exchanges, told CoinDesk Indonesia.

Sutanto hopes that the government will provide full support for cryptocurrency to position Indonesia as a competitive force in Southeast Asia, especially against countries such as Thailand, the Philippines and Vietnam.

While Indonesia leads Southeast Asia in terms of the number of registered crypto users, it lags behind Thailand and Vietnam in terms of trading volumes.

According to Yudhono Rawis, CEO of Tokocrypto, another major local exchange, crypto and blockchain can stimulate the national economy and investments. He says better infrastructure, education and clear laws are key to growing Indonesia’s crypto industry.

Editor’s note: Direct quotes are translated from Indonesian.