Cryptocurrencies are on the agenda of many countries. Governments have started to work on cryptocurrencies and bring various regulations. This time, the Central Bank of Indonesia announced that it is investigating cryptocurrencies.
Indonesia Working for CBDC
Indonesian Central Bank Governor Doni Primanto Joewono revealed that the country is exploring the possibility of integrating cryptocurrencies into its financial system. Joewono stated that the Central Bank of Indonesia is exploring the possibility of issuing a central bank digital currency (CBDC) to meet different needs.
According to Joewon, the emergence of cryptocurrencies has led many countries to explore the viability of CBDCs. Additionally, Joewon warned that cryptocurrencies could pose risks to existing financial systems.
Joewono made the following statements in his speech on the subject:
The Central Bank of Indonesia continues to examine the possible effects of CBDC, including on crypto assets. Cryptocurrencies could potentially help introduce new risks that could affect economic, monetary and financial system stability.
Indonesia is among the countries exploring the CBDC option, with a whitepaper expected to be published soon.
Speaking at the G20 summit, Indonesian Central Bank Governor Doni Primanto Joewono added that cryptocurrencies have qualities that can be beneficial to the current financial system, such as increasing efficiency and participation, and stated that studies are being carried out on this subject.
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