Latest Elections in Indonesia Signal Good News for Crypto
For years, cryptocurrency has been a sensitive topic of discussion in Indonesia. Despite there being many proponents of cryptocurrency in the country, policymakers hadn’t made long-term decisions regarding the legality of digital currencies and their trading. Now, however, things are starting to look up, as the recent presidential election in February indicates. Initially, there was some controversy surrounding the elections when the winners announced a victory before results were officially announced.
Even so, it marks a win for the crypto industry, which will benefit from consistency in regulation and even crypto-friendly policies. This means traders using the Alpha AI trading bot will have greater peace of mind when coming up with long-term strategies.
The Ruling Party Will Stay in Power, Election Results Show
Prabowo Subinato, the former defense minister, along with Gibran Rakabuming, the incumbent president’s son, gained a majority of the country’s votes as soon as the polls closed. This was after a quick count, and although the results were finalized last week, members of the crypto industry prefer not to take sides. Since the ruling party will stay in power, it signals an opportunity to work on the promises made regarding crypto regulation.
In fact, even heads of crypto businesses are taking up a politically neutral position. For instance, the head of the national crypto bourse, CFX, informed CoinDesk Indonesia that the exchange remains politically neutral. Nevertheless, he’s pleased that Gibran Rakabuming mentioned cryptocurrencies during the presidential debates and election period. This shows how digital currencies are gaining attention in Indonesia, particularly, among traders.
The rate of crypto adoption in the country is rapidly on the rise and Rakabuming made sure to discuss cryptocurrencies on the campaign trail. During this period, he also promised to promote blockchain-focused research in the country.
Crypto Industry Set to Experience Unhindered Growth
Under President Joko Widodo, the country’s crypto industry has seen impressive growth. The Widodo government was the first to put up regulations for the crypto industry, while rolling out the first ever national bourse for digital assets.
His government also came up with a detailed tax system, which predicts the possibility of potential tax cuts for cryptocurrencies. INDODAX representative, William Sutanto, expressed how Gibran represents the younger, tech savvy generation. Therefore, it’s likely that the current roadmap is set to improve the state of the crypto sector.
Hopes For Indonesia to Get Ahead In The Competition
He also hopes that the government will support cryptocurrency in order to position Indonesia ahead in the competition. This will allow the country to compete with crypto adopters such as Vietnam, Philippines, and Thailand.
Currently, Indonesia is leading the region when it comes to the number of registered crypto users but falls behind Vietnam and Thailand with regards to trading volumes.
