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- The Indonesian monetary authority will soon issue the national fiat in digital form for use in wholesale transactions.
- Bank Indonesia has researched the potential rollout of the Central Bank Digital Currency (CBDC) since last year.
The Conceptual Design of The Rupiah
The boom of cryptocurrencies is visible nowadays in the global markets. This includes the governments. Recently, the Central Bank of Indonesia has been discussing issuing their digital rupiah. This new currency, issued by the Indonesian government, is the only legal currency used for digital transactions. They are also trying to make it so that the currency will be transactable globally.
The Indonesian monetary authority will soon issue the national fiat in digital form for use in wholesale transactions. According to Governor Perry Warjiyo, who is a briefing on the topic on Thursday, it intends to publish the conceptual design of the new digital rupiah by the end of 2022. He said in an interview:
The principle of digital rupiah will be the same as paper money, the only legal currency for digital transactions in Indonesia.
The Goals Regarding Cross-Border Transactions
Bank Indonesia has researched the potential rollout of the Central Bank Digital Currency (CBDC) since last year. According to the paper, its major goal is to foresee the widespread use of cryptocurrencies as payment. In addition to these three nations, the central banks of Australia and the Philippines have also looked at the possibility of adopting blockchain technology to speed up transfers and settlements.
Australia, Singapore, Malaysia, and the Republic of South Africa started testing cross-border payments using CBDCs last fall. According to the central banks of these nations, their collaboration aims to create shared platforms for cross-border transactions utilizing various state-issued digital currencies. The announcement of cross-border payment trials using CBDCs was made last autumn by Australia, Singapore, Malaysia, and the Republic of South Africa. The development of common platforms for cross-border transactions utilizing various state-issued digital currencies was stated as the aim of this collaboration by the central banks of these nations.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
