Select the “SAUTÉ” function on the Instant Pot and heat up the olive oil.
Add diced onion and prepared peppers to the hot oil; cook for 2 minutes.
Stir in chicken pieces and garlic.
Season with curry, basil, salt, chili powder, white pepper, and ground ginger.
Cook and stir until chicken is just browned, about 2 minutes.
Add coconut milk to the pot and using a wooden spoon, scrape up the brown bits from the bottom of the pot.
Turn OFF the Instant Pot by selecting CANCEL. Secure the lid and make sure the vent is closed.
Select MANUAL (or PRESSURE COOK) and set to cook for 5 minutes.
When time is up, do a quick release.
When the pin drops, remove the lid.
Carefully remove 1/4 cup of the liquid from the pot and into a small bowl; whisk the cornstarch into the liquid until thoroughly combined.
Whisk the cornstarch mixture (slurry) back into the Instant Pot; mix and stir around until incorporated and sauce is thickened.
Serve Coconut Curry Chicken over the rice and garnish with cilantro.