Indonesia’s president-elect may bode well for crypto

Despite the country’s gung-ho approach towards crypto and illegal gambling, Indonesia may yet prove a good place for the crypto industry

The February election in Indonesia saw populist candidate Prabowo Subianto claim the presidency, the country’s most influential public office, and come into power on a promise that he will transform the country economically and digitally. The crypto industry may be a part of this transformation now that Subianto, a former defense minister, is in power.

He has not yet taken any restrictive measures against the industry, although Indonesia has gone after illegal crypto gambling websites and shut them down. In the meantime, though, Subianto appears to be demonstrating a sort of amicability towards the blockchain sector, which the president-elect may see as way to fulfil his electoral promise of bringing around economic prosperity and growth.

The crypto industry has mostly kept mum about how it feels about the change in leadership and it has cherished its neutrality. Gibran Rakabuming, the wining vice president has already promised publicly to work harder on building a robust crypto and blockchain industries and ecosystem in the country.

The hopes that Rakabuming may indeed deliver on his promise is that his father is the incumbent and outgoing president, Joko Widodo. Although this may raise questions about the transition of power in the democratic country, it certainly bodes well for the crypto industry. Yet, crypto gambling is an unlikely candidate to benefit from the newly elected leaders’ approval as the country takes a dim view of gambling in general.

This, though, should not impinge on crypto growth and sustainability in the country. The industry is hoping that it can get enough leeway to start catching up to other local ecosystems, such as the crypto and blockchain industries in both Vietnam and Thailand that are both ahead of current operations in Indonesia.

Much of this can be done through the industry’s ability to drive innovation, but some will depend on how keen the government is to promote education and more public awareness for the industry.

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Written by Barney


Barney is co-founder of When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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