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Digital rupiah study to be completed in 2020: BI
Bank Indonesia head of transformation Onny Widjanarko said on Wednesday that a study on the possible issuance of digital rupiah by the central bank was projected to be completed in 2020.
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Bank Indonesia headquarters on Jl. MH Thamrin, Central Jakarta (JP/Wienda Parwitasari)
B
ank Indonesia head of transformation Onny Widjanarko said on Wednesday that a study on the possible issuance of digital rupiah by the central bank was projected to be completed in 2020.
Onny said the central bank was still in the early stages of its research.
“We have yet to plan a pilot project or trial,” said Onny in Jakarta, adding that the bank was looking into the legal implications of issuing the digital currency.
Read also: Bank Indonesia considers issuing digital rupiahLaw No.7/2011 on currency only recognizes the rupiah issued in the form of a banknote or coin.
“We are studying the implications on the monetary and financial system. Everything is still in the research [process],” Onny added.
He said the BI was looking to other countries, such as Singapore and Canada, which had begun pilot projects on digital currency.
Canada started its digital currency research in March 2016 by launching Project Jasper, while Singapore began Project Ubin in November 2016.
BI Governor Agus Wartowardojo said previously that using Bitcoin as a payment and transaction instrument contravened the law, which designates the rupiah as the only official transaction and payment instrument in the country. (bbn)
