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

Aiming for supremacy in the digital revolution

Gibran Rakabumin Raka, Indonesia’s vice-presidential candidate in the next presidential election, has pledged to cultivate experts in AI (artificial intelligence), crypto assets (virtual currency), and blockchain.

Gibran, the eldest son of current President Joko Widodo, unveiled this vision at a political rally on the 10th, announcing his intention to strengthen technical education and provide more opportunities for young people.

This policy was announced as part of Indonesia’s efforts to establish itself as a leader in the digital revolution. This is the first time a candidate for the country’s presidential election has mentioned virtual currency as a pledge.

Trends in the Indonesian presidential election

Indonesia is scheduled to hold a presidential election in February next year, in which the president and vice president will be directly elected by the people. Incumbent Joko Widodo cannot run again due to the constitution, so the key question is which candidate his support goes to. The Prabowo-Ghibran pair is also supported by a strong multi-party coalition.

Source: CNN Indonesia

This pair is expected to be a strong pair as President Joko Widodo, who enjoys high approval ratings, has become the de facto preferred candidate, and according to a CNN Indonesia poll, they garnered 44% support.

connection:Indonesian authorities to start taxing virtual currency transactions = report

Indonesian virtual currency market

Indonesia is experiencing rapid growth in the crypto market and is ranked 7th in the world in Chainalysis’ 2023 Global Crypto Asset Penetration Index. In Japan, virtual currency is classified as a commodity, and its trading is regulated by the Commodity Futures Trading Regulatory Authority (Bappebti) under the Ministry of Trade.

Source: Chainalysis

According to a report by Bappebti, there are approximately 17.91 million cryptocurrency investors in Indonesia as of September 2022, which is significantly more than the 9 million stock traders. In the first half of 2022 alone, the amount of cryptocurrency transactions by Indonesian citizens reached approximately $1.43 billion.

At the end of July 2022, the Ministry of Trade and Bappebti collaborated to establish Indonesia’s official cryptocurrency exchange with the aim of guaranteeing the safety of cryptocurrency investors and related projects.

Furthermore, the Widodo government is seeking to turn its interest in cryptocurrencies into domestic revenue generation and expansion into international markets. Plans are underway to develop approved local startup tokens into valuable products and sell them as Indonesian-made products on the global market.

These moves are attracting attention as they may be brought up by other candidates at the political debate scheduled for February 4, 2023.

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

*An earlier version of this article contained a misleading title. The title has been changed to facilitate accurate understanding for readers. We apologize for any inconvenience caused.

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