Indonesia’s upcoming general elections in February have put the crypto industry on high alert, as potential changes in leadership could greatly impact the sector. While the current government under President Joko Widodo has shown a positive inclination towards crypto and even established the world’s first digital asset bourse, the stance of the next administration remains uncertain.
The leading candidates for the upcoming elections have varying views on crypto, offering a glimpse into the potential direction of the industry. For instance, presidential and vice-presidential candidates Anies Baswedan and Muhaimin Iskandar have been relatively quiet on crypto matters. However, their plans for policy overhaul could have implications for the sector, as demonstrated by Muhaimin’s advocacy for taxing crypto transactions and the call for stricter regulation.
Another candidate pair, Ganjar Pranowo and his running mate Mahfud MD, have not focused on crypto during the campaign. However, Ganjar’s previous positive remarks about non-fungible tokens (NFTs) suggest a nuanced understanding of the digital asset space.
On the other hand, Gibran Rakabuming Raka, the controversial running mate of Defense Minister Prabowo Subianto and son of President Widodo, has emerged as the most vocal candidate about crypto. Raka has expressed a strong interest in digitization, blockchain, and crypto – indicating a potential continuation of existing policies and openness to more crypto-friendly regulations under his leadership.
As Indonesia’s general elections draw closer, it will be crucial to watch how the outcome may shape the future of the country’s crypto industry. The potential impact of new leadership on crypto policies and regulations underscores the importance of staying informed and engaged in the evolving landscape of digital assets.
