Indonesia’s Election Outcome and Its Impact on Crypto
Indonesia, a trillion-dollar economy, recently held its election with several candidates vying to become the next president. One candidate, Mayor Gibran Rakabuming Raka, aims to accelerate Indonesia’s position in the digital revolution by focusing on blockchain and cryptocurrencies. However, it seems that another candidate, Prabowo Subianto, is gaining favor in the election.
What Does This Mean for Crypto?
Indonesia currently bans the use of cryptocurrencies as a means of payment but allows investment in digital assets. Despite the regulatory restrictions, Indonesia ranks 7th in Chainalysis’s crypto adoption rankings, indicating a strong inclination towards digital currencies. Sung Min Cho, CEO of Beoble, highlights the enthusiasm for cryptocurrencies among Indonesians and their efforts to bring financial services to the unbanked population.
Indonesia Sees Sharp Decline in Crypto Tax Revenue
In January, the Indonesian government reported a significant decline in crypto tax revenue for 2023. This decline marks a 63% drop compared to the previous year when the crypto tax regime was introduced. The government introduced new taxes on the “digital economy” as part of a tax reform to improve tax collection and establish a fair taxation system.
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