Indonesia's New Leadership Poised to Strengthen Crypto Economy Post-Election

Indonesia's presidential election concluded in February 2024, resulting in a win for Prabowo Subianto and Gibran Rakabuming, who are seen as proponents of the cryptocurrency industry. Key industry figures echoed this sentiment, believing their victory could positively affect the country's crypto sector.

Subani from CFX and William Sutanto of INDODAX expressed optimism about the new administration's impact on the crypto landscape. Subianto has pledged to tighten regulations to curb tax evasion, while Rakabuming aims to nurture blockchain expertise among the youth.

Both leaders are committed to fostering the cryptocurrency environment, as confirmed after their official declaration as winners by the electoral commission on April 25. There's a general expectation that they will maintain or enhance the existing crypto-friendly policies.

Sutanto highlighted Rakabuming's potential to drive innovation in the blockchain and cryptocurrency sectors, particularly given his appeal to the younger generation and strategic planning capabilities. Sutanto hopes the new government will strongly endorse digital assets, enabling Indonesia to compete with regional players like Thailand, the Philippines, and Vietnam.

Despite not leading in transaction volumes, Indonesia has seen significant growth in registered crypto users under President Joko Widodo, Rakabuming's father. Widodo’s administration established the world's first national crypto exchange and a comprehensive tax framework, suggesting future tax incentives for crypto transactions. These developments lay a promising groundwork for the new leaders, potentially elevating Indonesia’s position in the regional crypto market.