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To counter the use of cryptocurrency in the country which has significantly increased in covid-times, Indonesia is ready to develop their version of a central bank digital currency (CBDC). Since the plan’s inception earlier the year, wheels have already been put in motion.
Speaking in parliament, Juda Agung, assistant governor of Bank Indonesia, stemmed hopeful that a digital rupiah would mitigate the effect of crypto trading on the financial system.
As reported by Bloomberg today, more than 7.4 million Indonesians have invested in cryptocurrencies as of July 2021, double the number compared to year ago. Indonesia is currently leading the world as one of the world’s fastest growing crypto hotspots.
Agung said that “a CBDC would be one of the tools to fight crypto,” adding:
“We assume that people would find CBDC more reliable than crypto.”
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Indonesia holds one of the world’s largest Muslim populations. Earlier in the month, religious Muslim leaders in the country spoke out on crypto and prohibited the community from using the assets.