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Explainer: Financial system bill heralds changes from crypto to BI
An omnibus bill finalized by the House of Representatives last month aims to revise some 15 laws on the financial sector, bringing in sweeping changes to rules on banking, insurance, the financial system stability committee (KSSK), fintech, carbon trading, a digital rupiah and much more.
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A customer counts money she has just withdrawn at Bank Bukopin in Jakarta on June 30, 2020. (JP/Wendra Ajistyatama)
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n omnibus bill finalized by the House of Representatives last month looks to bring sweeping changes to some 15 laws on the financial sector.
The draft of the financial sector development and strengthening (PPSK) law, which is pending formal discussions with the government, entails new rules on banking, insurance, the Financial System Stability Committee, fintech, carbon trading, a digital rupiah and much more.
“A country can make significant progress if its financial sector is strong. The financial sector is the backbone as well as the blood for the economy,” Finance Minister Sri Mulyani Indrawati told the audience at an event on Oct. 10, underlining the importance of the bill.
The bill has been in the making at the House since 2020. Emerging at a time when the coronavirus pandemic was causing widespread concern about economic stability, it has been endorsed by the government as a way to strengthen domestic financial industries and protect them against future crises.
Read also: House drops BI Law revision, shifts focus to omnibus bill on financial sector
Below are some noteworthy provisions of the bill.
Debt monetization
