Although Indonesia has not been able to legalize bitcoin or other cryptocurrency, it does not mean that Indonesia cannot keep up with the times. Moreover, according to current technological developments also affect the payment system. Responding to this challenge, Bank Indonesia apparently is considering issuing digital currencies.
Let's see.
E-Commerce Trends
One that makes BI consider issuing digital currencies by the central bank is the trend of online shopping in Indonesia. According to Edwin Haryono, actually the discourse of the issuance of digital currency by the central bank was an issue that was sticking out among the world's central banks.
The central bank's digital currency or the Central Bank Digital Currency (CBDC) is considered important so that the public does not utilize private currency digital currencies such as bitcoin, because they are considered unsafe and without government supervision.
Will Use the Blockchain
The concept of a digital currency issued by the central bank is exactly the same as cryptocurrency like bitcoin, only published by the government and has a legal basis. CBDC is even reportedly going to use blockchain technology to record transactions.
The CBDC assessment by BI has actually been carried out for a long time, namely since 2017. However, the process itself requires quite a long time, ie until 2020. Although digital currencies are proven to be practical and efficient, BI does not want to be careless because CBDC can carry risks for the economy, so it must be prepared carefully.
Optimistic in the Future
At present there are already many countries in the world that are starting to implement their fiat crypto currencies, such as Russia for example. However, the preparation in Indonesia itself still has to go through a long stage. The application of CBDC can save costs in the payment system, be more transparent and more efficient. However, BI must continue to hold authority for Indonesia's financial stability.
According to the research of a professor at St. Mary’s University School of Law, Angela Walch, the application of digital payments in countries with emerging markets is easier than countries with more developed markets such as the United States for example. Because, adjusting the legality of payment is easier.
Hmm ... what do you think about this CBDC publishing? Good news for bitcoin lovers in Indonesia? Or is it bad news?
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