Bitcoin News and Finance
Indonesia Expands De-Dollarization Efforts With National Task Force Formation Skip to main content

Indonesia Expands De-Dollarization Efforts With National Task Force Formation

Indonesia Expands De-Dollarization Efforts With Formation of National Task Force

Indonesia’s central bank has established a national task force to expand the use of local currency with partner countries. Malaysia, Thailand, Japan, and China are already trading with Indonesia using local currencies. In addition, Singapore and South Korea have signed cooperation agreements to build a local currency transaction framework with Indonesia, according to the central bank.

Indonesia’s De-Dollarization Efforts

Bank Indonesia (BI), the Indonesian central bank, announced on Tuesday that it has “formed a National Task Force to expand the use of local currency transactions (LCT) in Indonesia with partner countries.” The Memorandum of Understanding (MoU) concerning the National LCT Task Force was signed on the sidelines of this year’s ASEAN Summit in Jakarta on Tuesday.

Besides the central bank, the Coordinating Ministry for Economic Affairs, Coordinating Ministry for Maritime Affairs and Investment, Ministry of Finance, Ministry of Foreign Affairs, Ministry of Industry, Ministry of Trade, Ministry of State-Owned Enterprises, Financial Services Authority (OJK), and Indonesia Deposit Insurance Corporation (IDIC) also participate in the LCT project.

The announcement details:

Currently, LCT Corporation has been implemented between Indonesia and several neighboring countries, namely Malaysia, Thailand, Japan, and China. Meanwhile, Singapore and South Korea have also signed cooperation agreements to build an LCT implementation framework with Indonesia.

Indonesia recently ramped up its de-dollarization efforts. In April, Bank Indonesia Governor Perry Warjiyo stated that Indonesia is following the lead of the BRICS economic bloc (Brazil, Russia, India, China, and South Africa) to shift away from using the USD in international trade and financial transactions.

The BRICS nations recently wrapped up their summit in Johannesburg. The economic group invited six countries to join as new members. At the conclusion of the summit, the BRICS leaders agreed to encourage the use of national currencies in international trade and financial transactions.

Indonesia is a member of the Association of Southeast Asian Nations (ASEAN), along with Brunei, Cambodia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. In May, the leaders of the ASEAN nations agreed to push the use of local currencies for economic and financial transactions.

What do you think about Indonesia’s de-dollarization efforts to set up a national task force to focus on the use of local currencies instead of the U.S. dollar? Let us know in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory