Digital Rupiah Can Overcome Use of Crypto Assets -- Bank Indonesia

JAKARTA, Dec 1 (Bernama) -- Bank Indonesia (BI) said Tuesday the effort to develop a digital rupiah or central bank digital currency (CBDC) is aimed at fighting crypto assets in the country. According to local media reports, the assistant governor of Bank Indonesia Juda Agung said the use of CBDC will be customised to the needs of society without stopping the use of existing conventional money. He said in parliament on Tuesday that the people would find CBDC more reliable than crypto. The use of CBDC is a priority for BI in the country’s digital transformation, in line with the implementation of its blueprint payments system in 2025. On Nov 12, 2021 the National Ulama Council of Indonesia banned the use of cryptocurrency as it does not fulfil syariah law requirements. -- BERNAMA