Indonesia Picks Crypto-Friendly Team in Presidential Election

During the presidential campaign, vice-presidential candidate Gibran discussed crypto and blockchain as a means to expand job opportunities for the country’s younger generation.

AccessTimeIconFeb 14, 2024 at 3:30 p.m. UTC
Updated May 9, 2024 at 5:05 p.m. UTC
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Former defense minister Prabowo Subianto and his pro-crypto running mate, Gibran Rakabuming Raka, have seemingly come out on top as the country’s next president and vice president.

The two have claimed victory, citing nearly 60% of votes in "Quick Counts" across Indonesia. Quick Counts by independent pollsters typically reflect accurately on the outcome.

The win could mean continuing Indonesia’s crypto-friendly policies under Joko Widodo, Indonesia’s incumbent president and – controversially – Gibran’s father. Widodo’s government has tried to take advantage of the local interest in crypto to support the local economy. The country has more registered crypto investors than stock traders.

During the election campaign, Prabowo said his team intends to tighten supervision of tax compliance among stock and crypto traders. Gibran said the duo plans to support the creation of young experts in blockchain and cryptocurrency. He stressed the commitment of their team to develop "future talents with future skills."

Prabowo and Gibran could uphold existing policies and potentially pave the way for more crypto-friendly regulations.

UPDATE (Feb. 14, 17:09 UTC): Clarifies in the second paragraph that Prabowo and Gibran have claimed victory based on independent polling.

Edited by Sandali Handagama.


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Shenna Peter

Shenna Peter is a Senior Editor at CoinDesk Indonesia.

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