Prabowo Subianto Declares Victory in Indonesian Presidential Election, Securing Crypto-Friendly Leadership

Subianto and his pro-crypto ally Gibran have been elected as Indonesia's next president and vice president, respectively.

Crypto-friendly team vying for Indonesia’s presidency

Image Source: AdobeStock / De Visu

Indonesia’s former Defense Minister, Prabowo Subianto, has claimed victory in the country’s presidential election, marking his third attempt at the presidency. The unofficial vote counts indicate a significant lead for Subianto, potentially securing a single-round win. Alongside Subianto, his running mate Gibran Rakabuming Raka, who is pro-crypto, will serve as the nation’s next vice president. This outcome paves the way for continued crypto-friendly policies in Indonesia.

Prabowo’s Victory and its Implications

Unofficial results show that Prabowo garnered nearly 60% of the vote, surpassing the threshold to avoid a runoff. With approximately 85% of the votes counted, pollsters conducting “quick counts” indicate that Prabowo secured around 58% of the votes. To win in a single round, a candidate must secure more than 50% of the votes and at least 20% of the ballot in half of the country’s provinces. This election, considered the world’s largest single-day event, featured nearly 259,000 candidates vying for over 20,600 posts across the Indonesian archipelago.

The victory also reveals strong parliamentary backing for Prabowo’s government coalition. They garnered approximately 42% of the votes in the legislative contest, compared to the 27% backing Anies’s alliance. This indicates a potential continuation of Indonesia’s crypto-friendly policies, which were initiated under the leadership of incumbent President Joko Widodo. Widodo’s government actively embraced the local interest in cryptocurrency as a means to strengthen the national economy, leading to a higher number of registered crypto investors in the country than stock traders.

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During their election campaign, Prabowo emphasized their intention to enhance tax compliance supervision among both stock and crypto traders. Meanwhile, Gibran outlined their plans to support the development of young experts in blockchain and cryptocurrency, underscoring their commitment to nurturing “future talents with future skills.” The incoming leadership of Prabowo and Gibran is anticipated to uphold existing crypto-friendly policies and potentially introduce more regulatory measures favorable to the cryptocurrency sector.

Addressing his supporters in Jakarta, Prabowo emphasized his commitment to governing for the collective benefit of all Indonesians, regardless of background or affiliation. He stressed humility in victory and pledged to lead alongside his running mate, Gibran Rakabuming Raka, the eldest son of incumbent President Joko Widodo. Prabowo also urged his supporters to await the official announcement from the country’s election commission, scheduled for March, in order to maintain peace and avoid potential unrest, taking into account the deadly riots that erupted following the 2019 election when Prabowo disputed the outcome.

Indonesia’s Crypto-Friendly Future

Accompanied by his running mate, Gibran Rakabuming Raka, Prabowo expressed gratitude for the quick count results, declaring the outcome a victory for all Indonesians. He pledged to form a government comprising the nation’s best talents. In December, Prabowo made headlines by expressing his desire to prepare blockchain and crypto experts to improve Indonesia’s tech sector. He reiterated this during the second official presidential debate focused on economic and infrastructure topics on December 22. Prabowo has also stated that his government will enhance the supervision of tax compliance among stock and crypto traders to combat tax evasion.

The new leadership’s stance suggests a possible continuation of existing policies and a potential move towards even more crypto-friendly regulations in Indonesia. Meanwhile, former governors Anies Baswedan and Ganjar Pranowo trailed behind with approximately 25% and 17% of the votes, respectively, according to independent pollsters known for their accuracy in previous elections. However, the official result, expected by March 20, awaits confirmation from the election commission. Both runners-up have contested the early results, citing the need for further verification.

Indonesia stands as one of the fastest crypto adopters not only in Southeast Asia but also globally. It ranks seventh on Chainalysis’ 2023 global crypto adoption index. The country boasts an estimated 18 million crypto investors and a powerful industry association that also acts as a self-regulatory body.

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Q&A: Some Additional Insights

Q: What were the major candidates’ positions on cryptocurrency? Both Prabowo and his running mate, Gibran Rakabuming Raka, expressed their commitment to continued crypto-friendly policies. Prabowo emphasized enhancing the supervision of tax compliance among stock and crypto traders, while Gibran outlined their plans to support the development of young experts in blockchain and cryptocurrency.

Q: How might these election results affect the cryptocurrency sector in Indonesia?
With Prabowo’s victory, Indonesia is likely to witness the continuation and potential strengthening of existing crypto-friendly policies. The incoming leadership’s focus on nurturing young talent in the blockchain and cryptocurrency spheres suggests a forward-thinking approach to the industry. This could result in the implementation of more regulatory measures that are favorable to the cryptocurrency sector.

Q: How has Indonesia’s cryptocurrency adoption compared to other countries? Indonesia ranks seventh on Chainalysis’ 2023 global crypto adoption index, highlighting its significant embrace of cryptocurrencies. The country boasts an estimated 18 million crypto investors, demonstrating its position as a major player in the global crypto market.

Q: What challenges might arise from the contested election results? The official results are expected to be announced by the election commission in March. However, both runners-up, Anies Baswedan and Ganjar Pranowo, have contested the early results, citing the need for further verification. It remains to be seen how these challenges will be resolved and what impact they may have on the overall outcome.

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In conclusion, Prabowo Subianto’s victory in the Indonesian presidential election paves the way for the continuation of crypto-friendly policies in the country. As the new leadership takes charge, Indonesia’s vibrant crypto sector is poised for growth and further development. With its fast adoption and supportive regulatory environment, Indonesia is set to remain a significant player in the global cryptocurrency market.

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References:

1. Starknet launches governance vote v0130 protocol upgrade
2. Indonesia’s Crypto Future
3. Chainalysis’ 2023 Global Crypto Adoption Index
4. Follow Us on Google News

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Author Bio:

Hassan Shittu is a renowned expert in blockchain technology and the financial field. He frequently writes engaging articles on websites and social media, combining his professional knowledge with humor and wit. Known for his lively and captivating writing style, Hassan’s articles are a favorite among readers.

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