Cryptocurrencies
Rich Indonesians Wary of Prabowo’s Policies Send Wealth Overseas
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Wealthy Indonesians are shifting hundreds of millions of dollars offshore amid mounting concerns over President Prabowo Subianto’s fiscal discipline and the country’s economic stability.
Gold and real estate are two popular havens although a third, less traditional, pocket has emerged: cryptocurrencies — in particular Tether Holdings SA’s stablecoin USDT, which is designed to maintain a 1:1 peg to the US dollar. The assets all offer ways for the country’s rich to skirt scrutiny in moving large sums of money around.