Pro-Crypto Candidate Wins VP Slot in Indonesia’s Presidential Race

Gibran Rakabuming Raka, who is running as the vice presidential candidate alongside Prabowo Subianto, has reportedly emerged as the winner of Indonesia’s election. According to a Reuters report on February 14th, an unofficial vote count indicated that Prabowo and Gibran secured around 58% of the vote, paving their way to the presidency. In December 2023, Gibran, the mayor of Surakarta, announced that his political party planned to prioritize opportunities in the crypto and blockchain space for Indonesia’s younger population. Prabowo expressed his gratitude for the quick count results and announced his intention to form a government with the best individuals from Indonesia.

At the time of publication, approximately 86% to 95% of the votes had been counted, with unofficial outcomes favoring Prabowo and Gibran over their competitors Anies Baswedan and Ganjar Pranowo. The official election results may not be announced until March 20th, and the inauguration is expected to take place on October 20th. It’s worth noting that Gibran is the son of Indonesian President Joko Widodo, who has held the position since October 2014. Initially, the rules required a vice presidential candidate to be at least 40 years old, but an exception was made for regional leaders such as Gibran, who is currently 36 years old.

With a population of over 277 million, Indonesia is the fourth most populous country globally, encompassing more than 17,000 islands spanning thousands of kilometers from east to west. In July 2023, the Indonesian government launched a national cryptocurrency exchange, making it the only legally authorized platform for exchanging digital assets within the country. Apart from this official exchange, the use of cryptocurrencies for payments is generally prohibited for residents of Indonesia. In fact, in May 2023, the governor of Bali, a popular tourist destination, issued a stern warning to visitors against using cryptocurrencies for transactions.

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