Indonesia presidential election: Will a government be born to support cryptocurrencies?

Inheriting President Widodo's policies

Voting was held in Indonesia's presidential election on the 14th, with former Defense Minister Prabowo Subianto receiving the majority of votes in an unofficial count and effectively declaring victory. This could also have a positive impact on the country's crypto assets (virtual currency) industry.

Prabowo has indicated that he will continue the policies of current President Joko Widodo. President Widodo has implemented aggressive policies regarding virtual currencies.

In Indonesia's presidential election, the president and vice president are chosen by the people.

The vice president who will be paired with Prabowo is Gibran Rakabumin Raka, the eldest son of the current president. Mr. Ghibran has pledged to cultivate experts in AI (artificial intelligence), virtual currency, and blockchain.

The pair of Prabowo and Ghibran became the preferred candidates of incumbent President Joko Widodo, who has a high approval rating, and their support had been growing even before the vote.

During his election campaign, Prabowo said the government would strengthen tax oversight of stock and cryptocurrency traders to combat tax evasion.

This suggests that a government led by this pair could promote both industry development and regulation regarding blockchain and virtual currencies.

connection:
Indonesian presidential election: incumbent Joko Widodo's eldest son pledges to train crypto asset experts

Official results will be announced next month

Anies Baswedan, former governor of the Special Capital Region of Jakarta, and Ganjar Pranowo, former governor of Central Java province, trailed behind him in the presidential election with about 25% and 17% of the vote, respectively, according to an independent pollster.

However, the official results of the presidential election will not be announced until sometime in March. Prabowo has called on his supporters to wait for an official announcement from the electoral commission.

Indonesia’s virtual currency policy

As of June 2023, there were 17.54 million cryptocurrency investors in Indonesia. This is more than the number of investors registered on stock exchanges.

President Widodo has used this interest to boost the country's economy. In 2022, the Ministry of Trade and the Commodity Futures Trading Supervisory Authority (Bappebti) are working together to launch Indonesia's official virtual currency exchange.

Plans are also underway to develop local startup tokens and sell them on the global market.

connection:
Indonesia launches its own virtual currency exchange; popular stocks such as Bitcoin also announced

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Virtual currency-related policies will be one of the issues in the US presidential election in November 2024

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