The election of Prabowo Subianto as President and Gibran Rakabuming Raka as Vice President of Indonesia in the 2024 election who will be inaugurated tomorrow, October 20, 2024, has attracted great attention from the crypto and blockchain community. Both are seen as leaders who are ready to support the development of this industry in Indonesia. On several occasions, both Prabowo and Gibran have shown a commitment to digital innovation, including crypto and blockchain, which are considered important future sectors for the Indonesian economy.
Track Record and Support for Crypto and Blockchain
1. Pro-Blockchain Vision in Campaign
Prabowo Subianto and Gibran Rakabuming affirmed their commitment to strengthening the blockchain and crypto industry, especially in developing local talent. Gibran, as part of his campaign, stated that he would focus on developing the younger generation in the fields of blockchain, crypto, and cybersecurity. He also sees the importance of artificial intelligence and digital marketing for the future of Indonesia's digital economy.
2. Following in the Footsteps of the Previous Government
Under the Joko Widodo administration, Indonesia has seen significant developments in regulation and support for digital assets. For example, the launch of a national crypto exchange in July 2023, which is the only official platform for trading digital assets in Indonesia. In this context, the Prabowo-Gibran pair is expected to continue crypto-friendly policies, with an emphasis on transparency and innovation in blockchain technology.
3. More Balanced Regulatory Policies
One of Prabowo and Gibran’s campaign promises was to balance regulations that protect consumers and encourage innovation. They committed to improving tax compliance for crypto traders, but with an approach that does not hinder the growth of the sector. This challenge is especially relevant amid the increasing adoption of crypto in Indonesia, where the number of crypto investors has surpassed the number of traditional stock investors.
Future Potential in the Prabowo-Gibran Era
1. Innovation and Web3 Ecosystem
Indonesia is already known as one of the Web3 technology hubs in Southeast Asia. With the support of the new government, innovation in the blockchain sector is expected to grow even faster. Blockchain's potential beyond cryptocurrency, such as use in supply chains, healthcare, and education, could also be an important focus. The technology allows for greater transparency and efficiency in many industries, and Indonesia has the opportunity to lead the way in this region.
2. Digital Talent Development
One of the key elements of Gibran's strategy is the development of digital talent, especially in the fields of blockchain and crypto. Recognizing the urgent need for experts in this field, Gibran plans to prepare more local talents who are ready to compete in the global market. This step aims to create a sustainable technology ecosystem, where local innovation can contribute to national economic growth.
3. Regulations that Support Innovation
While strict regulation is needed to protect investors and ensure security, the Prabowo and Gibran governments are expected to support regulations that allow innovation to continue. Support for digital infrastructure, including blockchain technology, will be a critical foundation for economic growth in the digital age. The new government is expected to remain open to input from the tech community, to ensure that policies taken do not hinder growth.
Challenges Faced
However, there are some challenges to be aware of. Regulations in Indonesia previously limited the use of crypto as a means of payment, although crypto was allowed to be traded as an asset. The Prabowo-Gibran government must navigate these complexities to ensure that Indonesia remains attractive to crypto investors, while ensuring economic stability and consumer protection. In addition, cybersecurity issues will also be a priority, given the risks inherent in digital assets.
Conclusion
With Prabowo and Gibran elected, Indonesia is on a promising path to becoming a crypto and blockchain hub in Southeast Asia. Both bring a strong vision of technological innovation, with a commitment to supporting the growth of the digital ecosystem. Regulatory and security challenges will be a major focus, but if they succeed in executing their programs, Indonesia could become a major player in the global digital economy.
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