Cryptocurrency Takes Center Stage in Indonesia’s 2024 Political Election Arena
In Brief
Indonesia’s Vice-Presidential candidate Gibran Rakabuming Raka promised to create ‘Crypto Experts’ at a political gathering.
“We are preparing blockchain experts, we are preparing cyber security experts, we are preparing crypto experts,” stated Indonesian vice presidential candidate Gibran Rakabuming Raka, at a political gathering.
He announced this as part of his intention to spread technical education and provide more opportunities including in digital assets, to the young population of the country. Notably, this marks the very first instance in the country’s presidential election history where a candidate has included virtual currency as a focal point in their pledges.
Raka is the eldest son of Indonesian President Joko Widodo and has been handpicked by presidential candidate Prabowo Subianto as his running mate for the upcoming February 2024 election.
The surge in Bitcoin’s value and the growing enthusiasm in the cryptocurrency market signal a notable surge in the widespread acceptance of digital assets. As of September 2023, Indonesia registered a substantial 17.91 million cryptocurrency investors, as reported by the Futures Exchange Supervisory Board (Bappebti).
This data underscores the escalating trend of digital asset adoption within the country, reflecting a broader global shift toward embracing cryptocurrencies.
Moreover, in the coming days, it is expected that more political parties and their candidates will talk about crypto in an attempt to clear their stance.
The Rise of Crypto in the Country
With nearly 18 million cryptocurrency investors, the landscape is supported by a powerful industry association that serves the role of a self-regulatory body. President Widodo’s administration has strategically tapped into this burgeoning crypto interest to drive revenue and enhance the nation’s appeal, going so far as to establish a localized “stock market” exclusively dedicated to crypto assets.
On July 20, 2023, Indonesia unveiled the inaugural state-backed cryptocurrency exchange – the Indonesian Crypto Asset Futures Exchange.
It is supervised by the Commodities Futures Trading Supervisory Agency. PT Kliring Berjangka Indonesia assumes the role of futures clearing house, facilitating seamless asset settlement, while PT Tennet Depository Indonesia oversees secure storage management.
This exchange features licensed cryptocurrency players, including Binance, Ripple, Ethereum, Tether and Bitcoin.
However, Jakarta classifies cryptocurrencies as commodities and imposes restrictions on their use as a means of payment. A law passed in January will see this change by 2025, when the Financial Services Authority takes the supervisory reins.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
