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.
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.