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View all search resultsCrypto industry pushes for a rupiah-backed stablecoin
One of the key arguments for stablecoin adoption is its potential to reduce remittance costs for Indonesian migrant workers abroad.
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Representations of cryptocurrency Bitcoin are seen in this illustration photo taken on Nov. 25, 2024. (Reuters/Dado Ruvic)
C
rypto industry players are pushing for the introduction of a rupiah-backed stablecoin to expand the use of digital assets, particularly for cross-border remittances.
“So far, crypto assets in Indonesia have mostly been treated as products for trading and investment only, whereas globally, crypto assets have many other use cases,” said Andrew Hidayat, shareholder of PT Indokripto Koin Semesta, the parent company of local crypto bourse Central Financial X (CFX), as quoted by Kontan on Thursday.
Speaking at the CFX Crypto Conference (CCC) 2025 in Bali, Andrew emphasized that a rupiah-based stablecoin could serve as an alternative payment system for cross-border transactions.
“We seek cooperation with the Financial Services Authority (OJK) and Bank Indonesia so they can recognize crypto and stablecoins as valid payment instruments,” he said.
One of the key arguments for stablecoin adoption is its potential to reduce remittance costs for Indonesian migrant workers abroad.
Read also: Dollar struggles as Fed rate-cut bets build, bitcoin soars to record
According to World Bank data, remittance flows to Indonesia reached US$16 billion in 2024, but transaction fees remain high.
