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Indonesian VP Candidate Pledges Crypto Revolution in Election Campaign

Gibran Rakabuming Raka, the eldest son of Indonesian President Joko Widodo, has made blockchain technology and cryptocurrencies a key part of his vice presidential campaign promises.

Background

Gibran, popularly known as Gibran, is running as vice president alongside presidential candidate Prabowo Subianto in Indonesia’s upcoming general elections in 2024.

At a recent political gathering, Gibran announced his vision to advance Indonesia’s digital transformation through embracing blockchain technology and cryptocurrencies, with a particular focus on improving tech education and providing opportunities for the country’s large youth population.

Crypto Plans

Gibran is the first candidate to explicitly mention cryptocurrencies in his campaign platform.

Indonesia is already making progress on enabling cryptocurrency usage. A state-backed crypto exchange is planned to launch by mid-2023 Hasan Fawzi, appointed head of fintech and digital assets oversight by the Indonesian financial services watchdog, said recently.

However, Indonesia still faces challenges in regulating cryptocurrencies. While crypto is legal, its use as a payment instrument is not, and violators could face jail time and fines.

Crypto Adoption

Indonesia ranks 7th on Chainalysis’ 2023 global crypto adoption index, with an estimated 18 million crypto investors. The government aims to utilize cryptocurrencies for economic growth and has set up a local “stock market” for crypto assets.

In Summary

Gibran Rakabuming Raka’s pledge to advance Indonesia’s blockchain and cryptocurrency sector if elected vice president suggests the country could see significant progress on crypto regulation and adoption in the coming years.

The upcoming election campaign is likely to see more discussion of this emerging fintech topic.

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