The Central Bank of Indonesia hinted that they are now planning to fight against crypto with the Central Bank Digital Currency (CBDCs).
In the present time, crypto is under a grey region under the Indonesian federation. However recently the council of religious leaders said that the use of crypto assets for Muslims is forbidden. But still, people are free to invest in crypto under compliance.
In the latest, the Bank of Indonesia is planning to jump into the blockchain industry to fight against crypto adoption.
The assistant governor at the Central Bank of Indonesia, Juda Agung, said that digital rupiah will compete in crypto trading in the future.
“A CBDC would be one of the tools to fight crypto. We assume that people would find CBDC more reliable than crypto.”, according to a Bloomberg report
So finally the Central Bank of Indonesia is planning to introduce a high-level competition against crypto adoption by adopting blockchain technology. Earlier, Indonesia announced its interest in CBDCs development in May of this year. At present, almost 90% of the Central banks are doing their research and development work in the CBDCs to introduce a high level of competition in the global economy.
Indonesia on crypto
According to available records, Around 7.4 million people have Investment in crypto, which is twofold over the last year comparison.
This shows that Indonesian citizens are also moving toward the adoption of crypto assets.
In September 2021, Muhammad Luthfi- the trade minister said that they will not follow the footsteps of China but they will introduce restricted rules and regulations over the crypto industry to provide a better ecosystem for their citizens to invest in crypto.
So here we can expect that Indonesia’s officials are trying to say that they will provide a better and advanced payment system over the efficiency of crypto assets-based payments that the crypto industry is using.