According to CoinDesk, the upcoming general elections in Indonesia could have significant implications for the country's crypto industry, particularly if there is a change in leadership. Current President Joko Widodo's government has shown a keen interest in crypto, with global plans for crypto issued in Indonesia and the establishment of the world's first bourse for digital assets. However, the next leaders may not share the same enthusiasm for the sector.
Presidential and vice-presidential candidates Anies Baswedan and Muhaimin Iskandar, who represent the opposition, have been relatively quiet on crypto matters. However, they have plans for an overhaul of existing policies, which may impact the crypto sector. In 2022, Muhaimin advocated for taxing crypto transactions to boost state revenues and called for stricter regulation, including supervision by the Financial Services Authority (OJK). The OJK will take over crypto supervision in 2025, but the industry hopes that the changeover could mean lesser tax burdens for crypto users and exchanges.
Another candidate pair, presidential hopeful Ganjar Pranowo and his running mate Mahfud MD, have not discussed crypto during the campaign. However, in 2022, Ganjar praised the creativity of non-fungible tokens (NFTs) and their potential to inspire Indonesia's youth. The candidate most vocal about crypto is Gibran Rakabuming Raka, the controversial running mate of current Defense Minister Prabowo Subianto. Raka is a strong proponent of digitization, particularly with blockchain and crypto, and has expressed his desire to prepare blockchain and crypto experts to improve Indonesia's tech sector. Prabowo and Raka together seem most likely to continue existing policies and attitudes toward crypto in the country and potentially embrace more crypto-friendly regulatory changes. Indonesia's general elections are set to start on February 14.