Indonesia Plans to Issue Central Bank Digital Currency (CBDC)


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Indonesia’s central bank, Bank Indonesia, plans to issue a digital currency to speed up payments. According to the information obtained, the central bank is currently researching which technology should be used for digital rupee.

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Perry Warjiyo, President of the Central Bank of Indonesia, made a CBDC statement at a press conference on Tuesday. If the plan is implemented, the digital rupee will become a legal payment instrument. Again, according to Reuters, Indonesia reported an increase in digital banking transactions during the COVID-19 outbreak. The data show that the frequency of transactions on the country’s digital banking platforms increased by more than 60% in April to over 570 million.

Although cryptocurrencies as a payment method are banned in Indonesia, trading is legal. The Indonesian government said earlier this month that it plans to tax profits from trading cryptocurrencies.