Indonesia Vice Presidential Candidate Promises to Create 'Crypto Experts' as Election Looms

CoinDeskPolicyPublicado em 2023-12-18Última atualização em 2023-12-19

Resumo

The country's dynamic crypto market has been a focus for politicians looking to use it to fuel economic growth.

Gibran Rakabuming Raka, a vice presidential candidate in Indonesia's upcoming election, said he plans to create blockchain and crypto experts in the country during an event last week.

Gibran, the eldest son of Indonesian President Joko Widodo, was chosen by presidential candidate Prabowo Subianto to be his running mate in the February election. The 36-year-old politician plans to boost tech education in the country to provide more opportunities for young people, including in digital assets.

3.8K

"We are preparing blockchain experts, we are preparing cyber security experts, we are preparing crypto experts," Gibran reportedly said at a political gathering on Dec. 10.

Advertisement
Advertisement

Indonesia is a fast crypto adopter not just in Southeast Asia but the world, placing seventh on Chainalysis’ 2023 global crypto adoption index. The country has an estimated 18 million crypto investors and a powerful industry association that also acts as a self-regulatory body. Widodo’s government has tried to leverage this interest in crypto to generate revenue and interest in the country, even setting up a local “stock market” for crypto assets.

Although Gibran is the first to mention crypto, other candidates could also address the topic in an upcoming political debate on Feb. 4. Prabowo and Gibran are the election frontrunners, according to recent polls, and their interest in the sector could rub off on other candidates.

Gibran’s comment also reflects his wider goal of positioning Indonesia at the forefront of the global digital revolution. The presidential election is expected to start on Feb. 14.

Edited by Sandali Handagama.

Leituras Relacionadas

Why Is No One Buying DeFi Insurance?

"Why DeFi Insurance Remains Unpurchased" explores the paradox of decentralized finance insurance. While DeFi insurance promises automatic, unbiased payouts via smart contracts—eliminating traditional insurers' denial practices—it struggles to attract users. The core issue is economic viability. Premiums are prohibitively high relative to the yields from DeFi protocols. For example, insuring a deposit on Aave or Maple Finance can consume most or even all of the annual yield, leaving returns comparable to or worse than traditional savings. Only the safest protocols, like MakerDAO, offer affordable premiums. Furthermore, the DeFi insurance model is structurally fragile. Unlike traditional insurance where risks are uncorrelated, DeFi risks are highly interconnected (e.g., oracle failures, bridge hacks). A single major exploit can simultaneously threaten multiple protocols, potentially bankrupting the entire insurance pool, which holds only millions against billions in total value locked. The governance model also creates a conflict of interest. In platforms like Nexus Mutual, token holders who vote on claims risk their own capital if payouts are approved, incentivizing denials. Consequently, the market is tiny and shrinking. Nexus Mutual dominates with $81.56 million in assets, but the industry lacks the capacity to cover a catastrophic event like the $292M Kelp DAO hack. Other providers have dwindled or shut down. The article concludes that DeFi insurance faces a "tragedy of the commons": its stability requires widespread adoption, but individual users have no incentive to pay for it, as premiums destroy their yields. Current solutions involve preventative measures like bug bounties and seeking external capital from traditional reinsurance, acknowledging that on-chain capital alone is insufficient to cover on-chain risks.

marsbitHá 3h

Why Is No One Buying DeFi Insurance?

marsbitHá 3h

Trading

Spot
活动图片