Metaverse Post notes that cryptocurrency is emerging as a central theme in the political discussions surrounding Indonesia's 2024 election cycle.

"We are in the process of preparing specialists in blockchain technology, cybersecurity, and cryptocurrency,\" expressed Gibran Rakabuming Raka at a political event. Indonesian He introduced this initiative as part of his broader vision to enhance technical education and create more opportunities in the realm of digital assets for the nation’s youth. Remarkably, this marks the first time in Indonesia's electoral history that a candidate has prominently featured virtual currencies in their campaign promises.

Gibran Rakabuming Raka, the eldest offspring of President Joko Widodo, has been selected by presidential candidate Prabowo Subianto as his running mate for the forthcoming February 2024 election.

The rising value of Bitcoin, coupled with an increasing interest in cryptocurrencies, marks a significant shift towards acceptance of digital assets.

According to the Futures Exchange Supervisory Board (Bappebti), by September 2023, Indonesia had witnessed a dramatic rise with approximately 17.91 million individuals engaging in cryptocurrency investments. cryptocurrency market These statistics highlight a swift adoption of cryptocurrencies within Indonesia, mirroring a larger global trend towards the acceptance of digital currencies.

Looking ahead, it is anticipated that an increasing number of political parties and their candidates will begin addressing cryptocurrency to clarify their positions. digital asset With nearly 18 million individuals involved in cryptocurrency investments, the sector is reinforced by a robust industry association acting as a self-regulatory entity. President Widodo's administration has strategically aligned with this growing crypto enthusiasm to enhance government revenue and boost Indonesia's market appeal, even initiating a localized 'stock market' specifically focused on digital assets.

On July 20, 2023, Indonesia proudly launched its first state-sanctioned cryptocurrency exchange, known as the Indonesian Crypto Asset Futures Exchange.

The Rise of Crypto in the Country

This exchange operates under the oversight of the Commodities Futures Trading Supervisory Agency, with PT Kliring Berjangka Indonesia functioning as the futures clearing house for smooth asset settlements, while PT Tennet Depository Indonesia manages secure asset storage. crypto assets .

The exchange is populated by licensed players in the cryptocurrency sphere, embodying a vibrant trading environment.

Despite Jakarta recognizing cryptocurrencies as commodities and limiting their use as payment methods, significant changes are on the horizon. A legislative reform approved in January is set to transition this framework by 2025, when oversight will shift to the Financial Services Authority.

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Kumar brings a wealth of experience as a tech journalist specializing in the intriguing overlaps of AI/ML, marketing technology, and innovative sectors like cryptocurrency, blockchain, and NFTs. With over three years in the field, Kumar has proven adept at crafting engaging articles, conducting meaningful interviews, and delivering in-depth analyses. His expertise lies in producing impactful content, ranging from insightful articles to comprehensive reports for well-known industry platforms. By blending technical insights with storytelling prowess, Kumar excels in conveying complex tech topics clearly and engagingly to a diverse audience.