The central bank of Indonesia is working to issue a wholesale digital rupiah. The new currency is meant to be the only legal tender for digital transactions in the country while the regulator also wants to ensure that it will be exchangeable across borders. Digital Rupiah Concept Expected by Year End Indonesia’s monetary authority is advancing with a project to issue a digital version of the national fiat for wholesale transactions. It plans to release the conceptual design of the future digital rupiah by the end of 2022, Governor Perry Warjiyo revealed in a briefing on Thursday. Quoted by Bloomberg, he elaborated: 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. Bank Indonesia has been studying the possible launch of its central bank digital currency ( CBDC ) since last year. Its main intention is to get ahead of the global adoption of cryptocurrency as a payment method, the report note...
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