In a significant political development, Indonesia has witnessed the election of Gibran Rakabuming Raka as vice-president, alongside Prabowo Subianto as president, securing a decisive victory with a majority vote. The pair’s triumph is particularly noteworthy for its promise of advancing opportunities in the cryptocurrency and blockchain industries, with Gibran, the mayor of Surakarta, publicly committing to this sector’s growth back in December 2023. The political duo clinched approximately 58% of the votes, as per the unofficial count by Reuters, positioning them to lead the nation with a clear mandate.
Election Results and Impacts
Enthusiasm for the win was evident in Gibran’s remarks, expressing gratitude for the lead indicated by all counts and promising a government of Indonesia’s best talent. Though official results are pending until March 20, the preliminary numbers show a convincing lead over competitors Anies Baswedan and Ganjar Pranowo. The inauguration is set for October 20, marking a new chapter for Indonesia under their leadership.
Shifts in Crypto and Blockchain Policy
This election outcome introduces potential shifts in Indonesia’s policy towards the crypto market. The nation, home to over 277 million people, has a large geographical expanse and a vast archipelago of over 17,000 islands. In a move to regulate the crypto sector, the government inaugurated a national cryptocurrency exchange in July 2023, making it the sole legal trading platform for digital assets. Despite this development, the use of cryptocurrency for purchasing goods and services remains prohibited, with strict enforcement against crypto payments emphasized in tourism-heavy regions like Bali.
The elected leaders’ pro-blockchain stance could signal a transformative era for Indonesia, aligning with the youthful dynamism of its population. Moreover, Gibran’s election despite being under the traditional age requirement for vice-presidents, at 36, shows a break from conventional norms, reflecting Indonesia’s readiness for innovation and change.