{"id":3769,"date":"2021-05-25T18:21:39","date_gmt":"2021-05-25T17:21:39","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=3769"},"modified":"2021-05-25T18:21:45","modified_gmt":"2021-05-25T17:21:45","slug":"breaking-bank-of-indonesia-rejoins-central-bank-digital-currency-race","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/breaking-bank-of-indonesia-rejoins-central-bank-digital-currency-race\/","title":{"rendered":"BREAKING: Bank of Indonesia rejoins central bank digital currency race"},"content":{"rendered":"\n
Back in 2017, after banning crypto<\/a> transactions, Indonesia is ready to allow payments in a digital rupiah currency. The Bank of Indonesia has joined other global central banks to announce state digital currency plans amid a major spike in the country\u2019s digital payments.<\/h5>\n\n\n\n
\"BREAKING:<\/figure>\n\n\n\n

Governor Perry Warjiyo on Tuesday said that Indonesia\u2019s central bank\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> is making a big plan to launch a digital rupiah currency as a legal payment instrument in Indonesia, Reuters\u00a0reports.<\/p>\n\n\n\n

The official noted that the rupiah is the only legally accepted currency for payment in the country so far, and BI will be looking to regulate a digital rupiah the same way it regulates cash and card-based transactions.<\/p>\n\n\n\n

According to Governor Perry, BI is now studying the potential benefits of a digital rupiah including its impact on monetary policy and payment systems, as well as evaluating the readiness of the financial infrastructure. The bank is also assessing potential technology options for building a central bank digital currency, he noted. Speaking at a streamed news conference, the official did not specify an exact timeline for a digital rupiah development.<\/p>\n\n\n\n

At the time of writing, BI has apparently not released an official statement regarding its CBDC plans. According to a notice on the official website of the bank, BI is about to\u00a0decide\u00a0on the issuance of a digital rupiah in the near future as necessary preparations have been completed. \u201cBI is currently still focusing on digital transformation as part of Indonesia payment systems blueprint 2025,\u201d the statement notes.<\/p>\n\n\n\n

According to the report, Indonesia\u2019s entrance to the global CBDC race comes in response to a major surge in digital banking, with digital transaction frequency jumping over 60% on an annual basis. Digital payments represent one of the country\u2019s main policy priorities after Indonesia saw strong growth in online transactions during the COVID-19 pandemic.<\/p>\n\n\n\n

The latest news follows Indonesian financial authorities announcing potential tax schemes for capital gains generated from crypto last week. Previously, Indonesia\u2019s Commodity Futures Trade Regulatory Agency was also considering levying a tax on all cryptocurrency transactions taking place on domestic crypto exchanges.<\/p>\n\n\n\n

Indonesia is known for its mixed approach to regulating crypto as the country\u00a0put\u00a0a blanket ban on cryptocurrency payments back in 2017 despite keeping crypto trading legal. DELIVERED EVERY MO<\/p>\n","protected":false},"excerpt":{"rendered":"

Back in 2017, after banning crypto transactions, Indonesia is ready to allow payments in a digital rupiah currency. The Bank of Indonesia has joined other global central banks to announce state digital currency plans amid a major spike in the country\u2019s digital payments. Governor Perry Warjiyo on Tuesday said that Indonesia\u2019s central bank is making […]<\/p>\n","protected":false},"author":63,"featured_media":3770,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,130],"tags":[375,390],"class_list":["post-3769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-blockchain-news","tag-bank","tag-indonesia"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/05\/Bank_Indonesia_di_Daerah_Istimewa_Yogyakarta.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=3769"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/3769\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/3770"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=3769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=3769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=3769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}