The Central Bank of Indonesia announced the issuance plans for a digital rupiah.
The Bank is currently working on the cybersecurity aspects of the CBDC.
The digital rupiah will be distributed through major banks of the nation.
The Central Bank of Indonesia has recently announced that it is working to issue a wholesale digital rupiah which is meant to be the only legal tender for digital transactions in the country. The regulator also added that it wants to ensure that the digital currency will be exchangeable across borders.
The Bank of Indonesia has been studying the possible launch of its central bank digital currency (CBDC) since last year. Its main intention is to stay ahead of the global adoption of cryptocurrency as a payment method. This was revealed in a briefing recently by the Governor, Perry Warjiyo, wherein he stated that,
The principle of digital rupiah will be the same as paper money which is to be the only legal currency for digital transactions in Indonesia.
Monetary...
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