Bank Indonesia is considering launching a national digital currency (CBDC) as one of the measures to fight cryptocurrencies in the country. Bloomberg.
During a parliamentary speech, Deputy Governor Juda Agung noted the “significant impact” that crypto assets have on the financial system. In his view, the digital rupiah will address this.
“We expect that people will regard CBDC as a more reliable alternative to cryptocurrencies,” emphasised Agung.
Earlier, the Indonesian Ulema Council deemed digital assets haram due to “the presence of elements of uncertainty and speculation,” according to Bloomberg.
The Bank Indonesia first announced plans to issue a CBDC as early as 2018. In May 2021 the regulator confirmed its intention, without specifying launch timelines.
According to a 2020 study by Jump Capital, Indonesia has entered the ranks of the most promising for cryptocurrencies.
In June the regulator barred affiliated institutions from using bitcoin and other digital assets as a means of payment or other financial services instruments.
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