The government of Indonesia shows a deep interest in the crypto industry. However, the upcoming general elections in the country might change things. Moreover, it will be prominent if the leadership of the country takes a turn.
The present president Joko Widodo had worldwide plans for crypto issuing in Indonesia. Moreover, they set the first global bourse for cryptocurrencies. The next upcoming leaders of the country may not be such crypto enthusiasts.
Moreover, not all leading candidates have been vocal about their love for cryptocurrencies. However, their leadership might define where the industry might be in the future.
Future of Crypto Industry in Indonesia
Presidential and vice presidential candidates Anis Baswedan and Muhaimin Iskandar are silent about their plans for the crypto industry. Moreover, they represent the opposition. Thereafter, the duo has plans for an overhaul of the present policies, causing pandemonium in the crypto industry.
In the year 2022, Muhaimin supported imposing taxes on crypto transactions. Thereafter, to increase the state revenues. He also asserted strict regulations and requested the Financial Services Authority to supervise the sector. In 2025, the FSA will be taking over the crypto industry. Moreover, the change might mean fewer tax burdens for crypto exchanges and users. However, it has been pushing away several crypto traders at bay.
Another presidential candidate pair comprises Ganjar Pranowo and Mahfud MD. They are veteran politicians, and constitutional law experts respectively. They didn’t discuss the cryptocurrencies in any of their campaigns.
However, in 2022 when the NFTs were finally taking place, the Central Java governor praised the creativity of the Non-fungible tokens.
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Rise of NFTs in Indonesia
One of the Indonesian NFT success stories Ghozali was observed by Ganjar as one of the youth inspiration events of the country. Thereafter, he reminds the people to pay their taxes for the well-being of the country.
Gibran Rakabuming Raka is the only candidate who was the most vocal about cryptocurrencies. On the other hand, the controversial running candidate and the son of President Widodo is the present defense minister Pranowo Subianto. He is also a strong proponent of blockchain and cryptocurrencies.
He also made headlines in December stating that he wants to improve the tech sector of Indonesia. During the second official presidential election, he focused on infrastructure and economic topics. It seems that Prabowo and Raka are the most probable candidates who will maintain the current policies and positive attitudes towards crypto in Indonesia. They might even implement more regulations that are favorable to the crypto industry. However, Prabowo has also mentioned his intention to increase the monitoring of tax compliance among stock and crypto traders to prevent tax evasion.
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