Bank of Indonesia joins central bank digital currency race
After banning crypto payments back in 2017, Indonesia is looking to allow payments in a digital rupiah currency. The Bank of Indonesia is one of the latest global central banks to announce state digital currency plans amid a major spike in the country’s digital payments.Governor Perry Warjiyo said Tuesday that Indonesia’s central bank is planning to launch a digital rupiah currency as a legal payment instrument in Indonesia, Reuters reports.The official noted that the rupiah is the only legally accepted currency for payment in the country so far, and BI will be looking to regulate a....
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The statement from Bank Indonesia was rather neutral. Photo via F H Mira. Bank Indonesia, the Indonesian central bank, has released a statement on Bitcoin, but it doesn't really tell us much about what the central bank officials think of the digital currency. Ignoring the fact that it is routinely referred to as a "virtual currency", it seems that all the central bank has decided to do for now is declare that the digital currency is not legally recognized as money or legal tender. This means that certain consumer protection laws do not apply to Bitcoin, and the people of Indonesia need to....
Indonesia's central bank, Bank Indonesia, has issued a new statement defining its stance on bitcoin. The comments bear similarities to others released over the past few months, but suggest the government will now take a hands-off approach to digital currency. Today's statement differs slightly from the reports issued last month, in which Bank Indonesia's deputy Governor suggested digital currency might break the bank's rules. Since then, representatives from the local bitcoin business community have participated in informal discussions with regulators to clarify the boundaries of their....
The last time we heard from Indonesia's Central Bank, they were issuing a firm warning - noting that the use of bitcoin was in violation of some laws. Bank Indonesia (BI) has now issued another statement on bitcoin, on that could perhaps be considered more neutral: Noting the Law no. 7 of 2011 on Currency and the Law. 23 of 1999 which was amended several times, most recently by Act No.. 6 In 2009, Bank Indonesia stated that the virtual currency Bitcoin and other not constitute currency or legal tender in Indonesia. People are encouraged to be careful of Bitcoin and other virtual currency.....
Next up issue a bitcoin warning: Indonesia. The Indonesian central bank's deputy governor - Ronald Waas - said that using the digital country violates some of the country's laws and echoed much of the concerns other central banks have already vocalized. The news comes from Indonesian news website Kontan. But despite the fact bitcoin isn't legal tender in Indonesia, Waas stated the central bank has no plans to stop the digital currency, but the central bank is working with the Ministry of Communications to learn more about the use of digital currency in the country. Still, Waas believes....
Bank Indonesia, the country’s central bank, is reportedly considering issuing a central bank digital currency (CBDC) to fight the use of cryptocurrency. “A CBDC would be one of the tools to fight crypto. We assume that people would find CBDC more credible than crypto,” said an assistant governor of the central bank. Central Bank Sees CBDC as Tool to ‘Fight Crypto’ Juda Agung, an assistant governor of Bank Indonesia, the country’s central bank, talked about cryptocurrency and central bank digital currency (CBDC) during his parliamentary “fit....