Bank Indonesia recognizes the value of CBDC
The National Digital Currency (CBDC) represents value for any country. The National Bank of Indonesia spoke in favor of launching CBDC. According to the leadership, the digital rupee can become a stimulant for the state, consisting of 18,000 islands
In the Asia-Pacific region, the ideas of blockchain and cryptocurrencies are actively spreading. The Indonesian archipelago was no exception. The success of cryptocurrencies, FinTech, IPO, De-Fi and their integration into traditional finance show excellent prospects.
It is therefore not surprising that there is huge interest in the CBDC topic. The introduction of this technology will enable Indonesia to undergo a series of genuine transformations.
Thanks to this, the country will overcome the regional lag and become a leader in the provision of financial services. This is a huge impetus for the development of the economy.
Note that Indonesia has already introduced a number of stablecoins backed by the Indonesian rupee. These include Rupiah (IDRT), Rupiah Private (IDRP) and IDK Foundation. These tokens have their own local market in Indonesia, and they are also well traded on world cryptocurrency exchanges.
Having considered the benefits of stablecoins in practice, Bank Indonesia realized that with appropriate monetary policy, financial stability, market infrastructure and supervision, CBDCs have value because they are a solution to problems.
By controlling the supply and circulation of the CBDC, the Central Bank of Indonesia can improve monetary stability and reduce volatility.
Also national digital currencies:
- develop cross-border P2P lending;
- provide ease of international transactions;
- stimulate multilateral financial agreements.
For a geographically disparate country like Indonesia, CBDC is a godsend!