Jakarta Post

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post
The Jakarta Post
Video Weather icon 30°C
DKI Jakarta, Indonesia
30°C Partly Cloudy

Dry and mostly cloudy throughout the day.

  • Wed

    26℃ - 32℃

  • Thu

    25℃ - 32℃

  • Fri

    25℃ - 31℃

  • Sat

    26℃ - 30℃

Digital rupiah won't be issued anytime soon: BI

  • News Desk
    News Desk

    The Jakarta Post

Jakarta | Wed, February 7, 2018 | 03:24 pm
Digital rupiah won't be issued anytime soon: BI Bank Indonesia Governor Agus Martowardojo (JP/Wendra Ajistyatama)

Bank Indonesia Governor Agus Martowardojo has stressed that the planned issuance of digital rupiah will not happen anytime soon.

Time was needed for research on the necessity of a virtual currency, to assure that such currency would not disrupt financial stability, Agus said in Jakarta on Tuesday, as reported by kompas.com.

“It takes time. It could be one to two years from now,” Agus said, adding that BI, along with central banks of other countries, was monitoring the development of digital currencies like bitcoin.

Previously, former finance minister Chatib Basri said that, to counter the circulation of bitcoin and other cryptocurrencies, the central bank needed to issue a digital currency as an official payment instrument that could be monitored.

No other central banks across the world had issued such currency so far, but several countries, such as Singapore, Canada and Ecuador, had started pilot projects for digital currency, he added.

BI payment system policy department head Onny Widjanarko said Indonesia had not decided on when to start a pilot project for the digital rupiah, as the central bank was still considering many aspects, particularly the negative impacts of the issuance of digital currency.

Onny explained that BI needed to prepare a number of applications before deciding further steps on the issuance of digital currency to prevent any negative impacts that could destabilize monetary, financial and payment systems. (bbn)

Join the discussions