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Indonesia plans to launch a Digital version of Rupiah

The shocking news was revealed by Perry Warjiyo, Governor of Bank Indonesia at the CNBC Indonesia Economic Outlook 2021. During the event, Perry received a question from the Chairman of CT Corp, Chairul Tanjung. Tanjung asked Perry Warjiyo about cryptocurrency and received an answer that Bank Indonesia currently formulating a Central Bank Digital Currency and it would be circulated through banks and fintechs on a whole shale and retail basis. This move is surprising because this is the first green light given by high-rank officials about the possible adoption of blockchain technology into the national financial sector after years of in grey area towards new digital currencies such as bitcoin and other cryptocurrencies. Even though at the end of Warjiyo’s statement, he still emphasized that bitcoin is not a legal currency in Indonesia, I believe this news can make a big impact on the increase in retail interest in knowing more about the digital currency, in this case of course bitcoin and other cryptocurrencies.

On the other hand, in my opinion, this is a good step taken by the Indonesian government, considering that many Indonesian citizens who work abroad and routinely send money to their families have to pay much money as a transaction fee which is clearly not small every time, besides that, I also think this is a good step because it’s very disadvantageous if a country with a population of nearly 300 million people allows a lot of private version of digital rupiah to be used every day, Binance alone minted 90,000,000,000 BIDR its about $6,098,861 in today rate, Rupiah Token minted about $3,694,085.

Indonesia as a big country should be a pioneer in Digital Currency, Indonesia has a lot of natural resources to back up this Digital Rupiah, Indonesia should learn from China and Venezuela in this case, mixed Petro and Digital Yuan will be a good formula for Digital Rupiah, and I believe somehow Digital Rupiah will fuel another bull run on cryptocurrency simply because maybe about 20-50% new retail investor from Indonesia will jump into crypto market because they’re already well-educated about crypto and digital currency when Digital Rupiah massively adopted. 

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