Shocking news about the future of digital currency in Indonesia was revealed by Perry Warjiyo, Governor of Bank Indonesia at the CNBC Indonesia Economic Outlook 2021, during the event, Warijiyo was asked about Bank Indonesia's plans regarding cryptocurrency. Warijiyo answered in the affirmative that the Central Bank was indeed researching and formulating a Central Bank Digital Currency that could be circulated by banks and fintech companies on a whole shale and retail basis. Even though at the end of Warjiyo's statement, he still emphasized that bitcoin is not a legal currency in Indonesia. This move is surprising because this is the first green light given by high-ranking officials about the possible adoption of blockchain technology into the national financial sector after years of being in a grey area towards digital currencies such as bitcoin and other cryptocurrencies.
In my opinion, this is a good step taken by the Indonesian government, this movement towards a Central Bank Digital Currency the Indonesian government could change the daily lives of many of the nation's 300 million people. Considering many Indonesian citizens who work abroad and routinely send money to their families have to pay a lot of money as a transaction fee which is clearly not small. Implementation of a digital rupiah would be a transformational change in the lives of millions, allowing them to keep more of their hard-earned money, by providing alternatives to traditional finance and banking systems.
I also think Digital Rupiah is a good step because it's very disadvantageous if a country with a population of nearly 300 million people allows a lot of private version of digital rupiah to be used every day, Binance alone minted 90,000,000,000 BIDR its about $6,098,861 in today rate, Rupiah Token minted about $3,694,085.
Indonesia as a big country should be a pioneer in Digital Currency, Indonesia has a lot of natural resources to back up this Digital Rupiah, Indonesia should learn from China and Venezuela in this case, mixed Petro and Digital Yuan will be a good formula for Digital Rupiah, and I believe somehow Digital Rupiah will fuel another bull run on cryptocurrency simply because maybe about 20-50% new retail investor from Indonesia will jump into crypto market because they're already well-educated about crypto and digital currency when Digital Rupiah massively adopted.
