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Indonesia's presidential election results may yield continued pro-crypto policy

Election results indicate Indonesia's crypto regulations are likely to remain business-friendly.

Indonesia's vice president-elect Gibran Rakabuming giving a campaign speech about supporting crypto growth and blockchain experts in Indonesia

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Indonesia’s recent presidential election, which initially ended in controversy when the winning duo claimed victory before official results were released, may ensure consistency and potentially even continued crypto-friendly regulations in the country, according to industry watchers.

Former defense minister Prabowo Subianto and the incumbent president’s son Gibran Rakabuming secured 60% of the nation’s votes immediately after polls closed.

The finalized results, released last week, indicate that the ruling party will remain in power, a development that crypto industry members view as a sign that Indonesia’s blockchain strategy could remain unchanged or improve.

The country’s Commodity Future Exchange (CFX, or Bursa Komoditi Nusantara), which operates as the nationalized bursary for crypto, maintains that the exchange’s operations are politically neutral, although Subani, its head, expressed some appreciation for Gibran. The incumbent president’s son has been known in the country as a keen supporter of crypto.

“However, it’s true that 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.

Subani was referring to points raised by Gibran during the presidential debates. Under President Joko Widodo’s government, Indonesia’s cryptocurrency industry has experienced mostly unencumbered growth. The government has established regulations for the crypto sector, launched the world’s first national bourse for crypto assets, and implemented a comprehensive tax system. There are also indications that the government may approve tax cuts for crypto.

William Sutanto from INDODAX, a leading crypto exchange in Indonesia, expressed confidence in Gibran’s ability to advance blockchain and crypto, representing the younger generation. Sutanto hopes the government will provide full support for cryptocurrency to position Indonesia as a competitive force in Southeast Asia, particularly against countries like Thailand, the Philippines, and Vietnam.

Indonesia currently leads Southeast Asia in terms of the number of registered crypto users but lags behind Thailand and Vietnam in trading volumes. Yudhono Rawis, CEO of Tokocrypto, another prominent local exchange, believes that crypto and blockchain could stimulate the national economy and investments, emphasizing the importance of better infrastructure, education, and clear laws for the growth of Indonesia’s crypto industry.

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