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Jakarta Post

Bank Indonesia in 'no hurry' over digital currency. What's it all about?

  • Eisya A. Eloksari

    The Jakarta Post

PREMIUM
Jakarta   /   Fri, March 19, 2021   /  08:30 am
The Jakarta Post Image
The Bank Indonesia logo adorns the front gate of the central bank on Jl. Thamrin in Central Jakarta in this file photo.(The Jakarta Post/Rafaela Chandra)

Bank Indonesia (BI) is mulling over the idea of creating rupiah-denominated digital currency in line with the global trend, but Indonesian stakeholders and observers have told The Jakarta Post that the plan had a long way to go despite the potential benefits. According to the Bank for International Settlement (BIS), 86 percent of central banks across the globe are engaging in activities related to central bank digital currency (CBDC), with many still in the experimental stage. These activities are a response to the rising adoption of cryptocurrencies such as Ethereum, Dogecoin and, the largest by market capitalization, Bitcoin. While some countries like China and Sweden have seen positive feedback on their CBDC trials, others have fallen short. Among the latter is Ecuador, which shut down its “Dinero Electrónico” (electronic money) or retail CBDC, just four ye...