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

As the dust settles on Indonesia's presidential election in February, the crypto industry finds itself at a crossroads, navigating the implications of the election outcome on its future trajectory. The initial controversy surrounding the election results has given way to a sense of anticipation and optimism among crypto enthusiasts, who view the re-election of the ruling party as a potential catalyst for continued growth and regulatory clarity in the sector.

Former defense minister Prabowo Subianto and the incumbent president's son, Gibran Rakabuming, emerged victorious in the election, securing 60% of the nation's votes according to a Quick Count. While the official results were only finalized recently, the early indication of the ruling party's continued hold on power has sparked speculation about the future direction of Indonesia's blockchain strategy.

For members of the crypto industry, the election results represent an opportunity for stability and possibly even further support for crypto-friendly regulations. Subani, the head of the national crypto bourse, CFX, emphasized the neutrality of the exchange but acknowledged the positive attention given to the crypto industry during the election campaign.
"During the election period and presidential debates, Mr. Gibran specifically mentioned crypto, and we're pleased about the attention to the crypto industry in Indonesia," Subani said.

Indonesia has established itself as an enthusiastic adopter of cryptocurrencies, with Gibran making a point to mention crypto during his campaign and promising to promote blockchain expertise within the country. Under the leadership of President Joko Widodo, Indonesia's cryptocurrency industry has experienced significant growth, with the government implementing regulations and launching the world's first national bourse for crypto assets.

Widodo's administration also introduced a comprehensive tax system for the crypto sector, with indications suggesting potential tax cuts for crypto in the future. William Sutanto from INDODAX, one of Indonesia's leading crypto exchanges, expressed confidence in Gibran's ability to advance blockchain and crypto initiatives, particularly as a representative of the younger generation.

"I'm sure that Gibran, representing the younger generation, has a roadmap that will advance blockchain and crypto," Sutanto said.
With Indonesia leading Southeast Asia in terms of registered crypto users, there is a growing focus on leveraging the potential of crypto and blockchain to stimulate economic growth and attract investment. Yudhono Rawis, CEO of Tokocrypto, another prominent local exchange, highlighted the importance of infrastructure, education, and clear regulations in fostering the growth of Indonesia's crypto industry.

"Crypto and blockchain could stimulate the national economy and investments," Rawis said.
While Indonesia has made significant strides in embracing cryptocurrencies, there is still room for improvement, particularly in terms of trading volumes compared to neighboring countries like Thailand and Vietnam. Industry stakeholders are hopeful that the government will provide full support for cryptocurrency to position Indonesia as a competitive force in Southeast Asia.

As Indonesia's crypto industry looks to the future, there is a sense of optimism tempered by the need for continued collaboration between the public and private sectors to ensure sustainable growth and regulatory clarity. With the re-election of the ruling party, crypto enthusiasts are cautiously optimistic about the prospect of a crypto-friendly environment that fosters innovation and investment in Indonesia.