New Indonesian Administration Looks To Bolster Local Crypto Scene

Winners of the recent Indonesian Presidential election, Prabowo Subianto and Gibran Rakabuming, have pledged to bolster the local crypto sector, aiming to enhance regional competitiveness. Notable industry figures share this view, foreseeing a positive impact on the Indonesian crypto landscape under their leadership.

Supporting Crypto Youth

Subianto, affiliated with CFX, and William Sutanto, affiliated with INDODAX, express optimism regarding the new administration and their stance on crypto. Subianto plans to tighten regulations to combat tax evasion, while Rakabuming intends to cultivate blockchain expertise among young people.

Both leaders are dedicated to nurturing the crypto environment, a commitment reaffirmed following their official declaration as winners by the electoral commission on April 25th, 2024. Expectations are high that they will maintain or improve the current crypto-friendly policies. Sutanto emphasizes the potential of Rakabuming to drive innovation in blockchain and cryptocurrency, especially considering his appeal to the younger demographic and strategic planning skills.

Witnessing Substantial Growth

Sutanto hopes the new government will strongly support digital assets, positioning Indonesia to compete with neighboring countries like Thailand, the Philippines, and Vietnam. Despite not leading in transaction volumes, Indonesia has witnessed substantial growth in registered crypto users during President Joko Widodo and his tenure, who also happens to be the father of Rakabuming.

Furthermore, the Widodo administration established the inaugural national crypto exchange in addition to also introducing a comprehensive tax framework, hinting at potential tax incentives for crypto transactions in the future. These developments set a promising foundation for the incoming leaders, potentially bolstering Indonesia and its profile in the regional crypto market.