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BI head calls for global principles on CBDCs
Bank Indonesia Governor Perry Warjiyo said central bank digital currencies (CBDCs) were a potential alternative to cryptocurrencies, but he highlighted several principles to be considered before central banks take the plunge.
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Bank Indonesia Governor Perry Warjiyo (left) and Bank of International Settlement general manager Agustin Cartens (right) prepare to open the G20 Techsprint 2022 event on April 25. (Bank Indonesia Youtube Channel/Fadhil Haidar Sulaeman)
Bank Indonesia (BI) Governor Perry Warjiyo stressed the need to devise common principles for central bank digital currency (CBDC) as countries scramble to create their own version of the future money.
In his keynote speech at the G20 Tech Sprint Initiative 2022 on Monday, the central bank chief said CBDCs could be an alternative to the volatile-yet-growing digital assets, though several principles should be considered before full adoption.
Read also: Scrutinizing the possibility of issuing a digital currency
"There is a growing concern about the integration and acceleration of digital assets," said Perry at the ceremony.
As one of six points on the G20 finance-track agenda, Perry believes a general set of principles would enable central banks worldwide to develop digital currencies that can circulate in the international monetary system.
"Under the financial advisory board, there are also initiatives on how we form under the G20 a surveillance and regulatory framework on digital or crypto assets," he continued.
Read also: More central banks set to explore crypto
