Bank Indonesia (BI) is currently in the process of selecting the most trusted banking and payment system players for the task of distributing digital currency or digital rupiah.
At the 16th Monetary and Economic Bank (BMEB) International Conference held here on Thursday, BI Governor Perry Warjiyo said the central bank digital currency (CBDC) and the issuance of the digital rupiah as state legal tender would be mandated by the constitution. It is said that Regulation of BI.
Globally, there are two options implemented in different countries to distribute digital currency.
The first is for central banks to focus on systematically distributing digital currencies using wholesale schemes. Meanwhile, the second option is to mandate banks and payment system companies to distribute his CBDC through retail schemes.
BI governor said the bank has decided to distribute the digital rupiah through a retail scheme. This means that digital currency will only be paid out by BI to large banks and payment system companies.
Meanwhile, other central banks around the world tend to opt for both schemes, he noted.
“Since the distribution platform (of the digital rupiah) will use distributed ledger technology (DLT) blockchain, the designated bank will have two accounts, a digital account and a standard account,” he said.
Therefore, only selected banks or payment system companies can receive digital rupiah from BI through their respective DLT blockchain accounts, he added.
BI is currently working on building an ecosystem to support the use of the digital rupiah, including preparing to issue a digital currency, building a digital rupiah platform, and selecting distributors.
Therefore, in the future, younger generations will have two accounts at banks and payment system companies, regular and digital, Warjiyo said.
“We will implement it. Millennials will then be able to make metaverses (purchases through the platform) from their digital accounts using digital rupiah,” he added.
