Indonesia’s Central Bank Wants to ‘Fight’ Crypto With CBDC
12-02-2021Indonesia is considering developing a central bank digital currency (CBDC) as one way to counter the use of cryptocurrency in the country.
- Juda Agung, an assistant governor of Bank Indonesia, said in the parliament that a digital rupiah would address the effect crypto trading has on the financial system, Bloomberg reported Tuesday.
- “A CBDC would be one of the tools to fight crypto,” he said. “We assume that people would find CBDC more reliable than crypto.”
- Indonesia’s central bank announced its intention to develop a CBDC in May.
- Religious leaders in the country declared earlier this month that Muslims are forbidden from using crypto owing to elements of uncertainty and wagering. Indonesia has one of the world’s largest Muslim populations.
- As many as 7.4 million Indonesians were invested in crypto as of July, double the number of a year previously, according to Bloomberg’s report.
Source: Coindesk
More from this category
Why Bitcoin ETFs with ‘zero flows’ don’t mean what you think
04-17-2024Over 2,000 United States ETFs see no inflows on any given day — something thats “very normal,” says ETF analyst James Seyffart. Bitcoin BTC $64,423 exchange-traded funds (ETFs) having days of zero i...
Bored Ape NFT floor price hits lowest point in over two and a half years
04-16-2024The Bored Ape Yacht Club collection’s floor price is currently at 11.1 ETH, down 90% from its peak during the roaring NFT bull market. The floor price of Bored Ape Yacht Club (BAYC) nonfungible token...
Australia's securities regulator appeals loss in Finder Wallet case
04-11-2024ASIC argues a federal court judge “erred” in finding that Finder Earn was not a “debenture” — and thus compliant with Australian financial rules. The Australian Securities and Investments Commission...