Indonesia Will Introduce a CBDC Concept in Late 2022
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The Central Bank of Indonesia plans to publish the concept of a national digital currency (CBDC) before the end of the year, Bloomberg has reported with reference to the chairman of the department Perry Vargio.
The regulator is preparing to issue a digital rupee for interbank and international transfers. Now the department is working on the cybersecurity of the financial instrument.
According to Perry:
“The digital rupee will be equivalent to fiat money and will be the only legal currency for digital transactions in Indonesia.”
The central bank of the country intends to distribute CBDC to large banks and payment service companies, and they will cooperate with small financial institutions for retail transactions.
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