Indonesia's Central Bank Wants to 'Fight' Crypto With CBDC: Report




  • In Business
  • 2021-11-30 09:12:19Z
  • By CoinDesk
 

Indonesia 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 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 this year.

  • Religious leaders in the country declared that Muslims are forbidden from using crypto earlier this month, 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.

Read more: India Has No Plans to Recognize Bitcoin as Currency; RBI Working on CBDC Rollout: Reports

COMMENTS

More Related News

Asia Bonds Face Fed Fallout as Aussie, Kiwi Yields Soar to Highs
Asia Bonds Face Fed Fallout as Aussie, Kiwi Yields Soar to Highs

(Bloomberg) -- Asian bonds are tumbling Thursday after Federal Reserve Chairman Jerome Powell's latest hawkish pivot, with Australian and New Zealand...

Credit Risk Gauge Surges to 14-Month High on Powell Comments
Credit Risk Gauge Surges to 14-Month High on Powell Comments

(Bloomberg) -- A measure of credit risk rose on Wednesday to the highest level since November 2020 after Federal Reserve Chairman Jerome Powell said the...

New England Braces for Powerful Nor
New England Braces for Powerful Nor'Easter With High Winds and Snow

(Bloomberg) -- Boston and New England will take the brunt of a powerful snowstorm set to sweep the U.S. East Coast starting Friday, but New York City...

Bank of Canada Puts Credibility on the Line With Hawkish Hold
Bank of Canada Puts Credibility on the Line With Hawkish Hold

(Bloomberg) -- Governor Tiff Macklem was going to risk losing some credibility at this week's Bank of Canada decision, whatever he did.Most Read from...

Startup Bolt Nearly Doubles Valuation to $11 Billion
Startup Bolt Nearly Doubles Valuation to $11 Billion

(Bloomberg) -- Bolt Financial Inc., a startup that makes online shopping tools used by Forever 21 and other retailers, raised funds valuing the business at $...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Business