How Indonesia’s Election Outcome Will Impact Crypto

cryptonews.com:

Indonesia, a trillion-dollar economy, is impossible to ignore. The country held its election on Wednesday with defence minister Prabowo Subianto and ex-governors Anies Baswedan and Ganjar Pranowo all competing to become the next president.

In December, Indonesia’s Mayor Gibran Rakabuming Raka, a vice presidential candidate in Indonesia’s election, said he aims to accelerate Indonesia’s position as a leader in the digital revolution by cultivating expertise in blockchain and cryptocurrencies.

Rakabuming Raka is the son of President Joko Widodo, speaking during an event on December 10 last year, the young mayor said: “We are preparing blockchain experts, we are preparing cybersecurity experts, we are preparing crypto experts,”

But it seems the Joko Widodo era is now coming to an end, as Prabowo Subianto gains favour in the Indonesian elections on Wednesday. During press time Subianto was leading in the polls.

Indonesia, the world’s biggest Muslim-majority country, has banned the use of cryptocurrencies as a means of payment. However, the country does allow investment in digital assets.

“Indonesia’s position in the global cryptocurrency landscape, securing the 7th spot in Chainalysis’s crypto adoption rankings, is a testament to the region’s strong inclination towards digital currencies, despite its fluctuating political climate,” said Sung Min Cho, CEO and co-founder of Beoble, a Web3 messaging platform based in Asia, told Cryptonews. He further explained:

“This achievement is part of a broader trend in Asia, which is marked by high rates of blockchain technology adoption, underscoring the region’s significant role in the global arena.”

Min Cho goes on to explain that what stands out is the clear enthusiasm for