By
Svetlana Soroka
May 11th, 2024
During their campaign, Prabowo and Gibran outlined plans to further support the crypto industry.
Indonesia’s presidential election has concluded with former defense minister Prabowo Subianto emerging as the winner with nearly 60% of the votes according to “Quick Counts”, surpassing the threshold for avoiding a runoff. Prabowo’s running mate, Gibran Rakabuming Raka, the son of outgoing President Joko Widodo and a pro-crypto supporter, will serve as vice president, ushering in a new era of leadership in the country.
Crypto Industry in Indonesia
Indonesia, under the current president, has embraced cryptocurrencies as a means to bolster the local economy. The country has more registered crypto investors than traditional stock traders, showcasing the significant interest in digital assets among its population. However, with Prabowo winning the election, the crypto community awaits the impacts of the new administration on the industry.
During their campaign, Prabowo and Gibran outlined plans to further support the crypto industry. The former defense minister emphasized the need to tighten supervision of tax compliance among stock and crypto traders in the nation while his running mate, Gibran, highlighted plans to support the development of young experts in blockchain, signaling a potential continuation of the government’s efforts to foster innovation in the sector.
Prabowo’s victory, if officially confirmed, could signal continuity in Indonesia’s approach to cryptocurrencies. Widodo’s government has been supportive of blockchain technology and digital assets, paving the way for a potentially smoother transition in policies.
The country is expected to announce the official results of the election in March.
Over 200 Million Eligible Voters
Prabowo’s victory comes after a closely contested election that saw him face off against popular former governor Anies Baswedan and rival candidate Ganjar Pranowo. Both Baswedan and Pranowo have contested the early results, calling for a calm and patient approach while awaiting the official results from the country’s election commission.
The election, which saw a turnout of over 200 million eligible voters across Indonesia’s 38 provinces, highlighted the country’s vibrant democracy. Young voters, in particular, played a crucial role, with around half of registered voters under the age of 40 participating in the election.
Prabowo’s path to the presidency has been marked by controversy, with allegations of human rights violations stemming from his military career. However, he has sought to portray himself as a unifying figure, pledging to govern for all Indonesians regardless of their background.
During his speech on Wednesday, the former defense minister addressed the people of Indonesia, noting that his administration will cater to everyone in the country. He called for humility and unity, emphasizing that the victory should be shared by all Indonesians, regardless of their background.
“Although we are grateful, we must not be arrogant, we must not be euphoric, we must remain humble. This victory must be a victory for all Indonesian people. I will lead together with Gibran to nurture, protect and defend all the people of Indonesia, regardless of tribe, ethnic group, race and religion and social background, the people of Indonesia are our responsibility to protect,” he said.