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- The central bank of Indonesia, Bank Indonesia, is apparently considering introducing a central bank digital currency to combat bitcoin usage. One of the weapons to combat crypto would be a CBDC
- According to the assistant governor, crypto assets are traded alongside commodities futures in Indonesia and are controlled by the trade ministry
- As of July, roughly 7.4 million Indonesians have invested in crypto assets, up from just over a year ago, according to the commerce ministry
The central bank of Indonesia, Bank Indonesia, is apparently considering introducing a central bank digital currency to combat bitcoin usage. One of the weapons to combat crypto would be a CBDC. They believe that consumers will view CBDC to be more reputable than crypto, stated a central bank assistant governor. During his parliamentary fit and suitable test to become the deputy governor of Bank Indonesia, Juda Agung, an assistant governor of the country’s central bank, discussed cryptocurrencies and central bank digital currency. According to Bloomberg, he stated that Bank Indonesia aims to release a digital rupiah that can be used as legal cash to combat bitcoin. The central bank has been looking into this problem since the beginning of the year.
According to the assistant governor, crypto assets are traded alongside commodities futures in Indonesia and are controlled by the trade ministry. However, he stressed that they have a considerable influence on the financial system of the country, explaining that a CBDC might be one of the tactics used to combat cryptocurrency. We believe that CBDC is more trustworthy than cryptocurrency. CBDC would be a part of a larger effort to address crypto’s use in financial transactions.
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As of July, roughly 7.4 million Indonesians have invested in crypto assets, up from just over a year ago, according to the commerce ministry. Their crypto transactions reached almost $33.3 billion, or 478.5 trillion rupiahs. Indonesia’s government is moving forward with plans to establish a specialized cryptocurrency exchange. Meanwhile, Indonesia’s Ulema Council the country’s highest Islamic organization with Shariah compliance authority has ruled bitcoin usage to be haram, or prohibited under Islamic law for Muslims.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
