Indonesia is largest Muslim country where Crypto was forbidden under Shari'a law. But last couple of year's development in the region force the authority to revise the strategy. They started to regulate the Crypto in the country with some modification.
They are preparing to launch CBDC to pegging with national currency Rupiah. According to report of coindesk initially Indonesia looking to boost their trade volume with middle south countries in palm oil and coal. Malaysia has strong hold in palm oil trade to these countries and local Digital token will help in this case.
Digital currency is much safe and efficient tool in modern trade and Indonesia lacking in it which forcing central bank of Indonesia to took steps in this regard. According to report of Bloomberg on 4th January 2023, the bank also announced to launch the Crypto exchange in middle of this year 2023.
Indonesia has already 2 millions Crypto users and after 2021 it gone huge climb. The illegal Crypto trade worth of $15 billions/ yearly giving morvolus interactions to finance authority of the country which wants it under tax net.
If it happened successfully, the doors for crypto will be open for other Muslim world which has lot of hesitations.
Cheers.
Amjadwaince
