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Indonesia’s central bank mulls over national digital currency to fight crypto.

Indonesia


According to the Bloomberg report, Indonesia’s central bank wants a digital form of the rupiah to “fight” cryptocurrencies as it considers whether to issue such a tender, said a senior official. Crypto assets are traded alongside commodity futures and are regulated by the trade ministry despite having a significant impact on the financial system, said Juda Agung, an assistant governor at the central bank. 

 

Bank Indonesia has been considering a central bank digital currency since the start of the year.

Bank Indonesia has been considering a central bank digital currency, or CBDC, since the start of this year. “A CBDC would be one of the tools to fight crypto,” Agung said on Tuesday. “We assume that people would find CBDC more credible than crypto. The central bank’s wariness of crypto assets could add to the dilemma of millions of Indonesians who invest in them. CBDC would be part of an effort to address the use of crypto in financial transactions.”

 

The government is pushing forward with plans to set up a dedicated crypto exchange as soon as this year. 

Meanwhile, Indonesia’s government is pushing forward with plans to set up a dedicated crypto exchange as soon as this year. As many as 7.4 million Indonesians were invested in crypto assets as of July, doubling from last year, while transaction value surged to 478.5 trillion rupiah ($33 billion), according to the trade ministry. Governments across countries are actively working on crypto regulations. As reported earlier, the Indian government is also considering launching its CBDC and regulating all other cryptocurrencies next year.



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