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How Indonesia’s G20 presidency should cope with digital currencies

It is predicted that in the near future, more and more people will switch to cryptocurrency assets and make crypto currencies as popular as conventional currencies, such as the dollar and euro.

Mahpud Sujai (The Jakarta Post)
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Jakarta
Mon, January 17, 2022

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How Indonesia’s G20 presidency should cope with digital currencies Future currency?: A representation of virtual currency Bitcoin and US dollar banknotes are seen in front of a stock graph. Some central banks have warned about the significant speculative elements of bitcoin and other crypto assets. (Reuters/Dado Ruvic)
G20 Indonesia 2022

The rapid development of digital technology affects the global economic system and financial transactions. One of the hot issues is related to the use of digital currencies or cryptocurrencies in the world's financial system.

The use of digital currencies globally is like two sides of a coin. On the one hand, many people welcome the presence of this type of currency as a single-world currency solution; on the other hand, there are those who consider them a threat to the mature conventional financial system.

This issue, of course, is a concern for almost all countries in the world, especially the big countries that control almost the entire global financial system.

As we know, the Group of 20, the world’s 20 largest economies, controls more than 80 percent of the world's economy, 75 percent of trade flows and 60 percent of the world's population. As the president of the G20 this year, Indonesia plays an important role. The G20 this year focuses on the theme Recover Together, Recover Stronger, which reflects a joint commitment to the global recovery from the COVID-19 pandemic.

Most of the issues at the G20 meeting focus more on global economic and financial issues, which are discussed in the Finance Track of the G20 Presidency. Finance Minister Sri Mulyani Indrawati has said the finance track of Indonesia's G20 presidency would cover six main issues.

First, the exit strategy or post-pandemic economic policy. Second, efforts that should be implemented to overcome the impact of the pandemic or the scarring effect to secure future growth. Third, policy focused on payment systems in the digital era, including digital currencies, which are handled by the central bank.

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Fourth, issues focused on financial inclusion, especially regarding the role of digital technology and opportunities to increase access for micro, small and medium enterprises (MSMEs) in terms of financing and marketing. Fifth, sustainable finance focuses on sustainability goals and credible climate change financing and creates justice for all countries. And sixth, focus on international taxation issues that will discuss international tax packages and create tax regime certainty, transparency and development.

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