Indonesia’s Presidential Election Results May Yield Continues Pro-Crypto Policy
Indonesia’s recent presidential election may ensure consistency and continued crypto-friendly regulations in the country.
The ruling party, Prabowo Subianto and the incumbent president’s son Gibran Rakabuming, secured 60% of the nation’s votes, indicating that Indonesia’s blockchain strategy could remain unchanged or improve. The Commodity Future Exchange (CFX), which operates as the nationalized bursary for crypto, maintains its operations as politically neutral, although Subani, its head, expressed some appreciation for Gibran.
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 indications that the government may approve tax cuts for crypto. Indonesia currently leads Southeast Asia in terms of registered crypto users but lags behind Thailand and Vietnam in trading volumes.
(With inputs from Shikha Singh)
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