Indonesia Picks Crypto-Friendly Team in Presidential Election

Indonesia picked former defense minister Prabowo Subianto and his pro-crypto running mate, Gibran Rakabuming Raka, as the country’s next president and vice president.

The two won nearly 60% of votes across Indonesia and will be inaugurated in October.

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.