- Perry Warjiyo announced that BI’s digital currency can be used in the metaverse.
- Last week, BI launched the design for its digital currency following the trend of many central banks’ use of CBDC.
- BI’s digital currency would be implemented step-by-step from wholesale CBDC to retail CBDC.
Perry Warjiyo, the Indonesian Central Bank (BI) Governor announced on Monday that the digital rupiah currency by the government can be used in the metaverse in the future.
Last Wednesday, the government unveiled its plans to launch a digital rupiah currency built on blockchain technology.
Significantly, many banks around the world have started developing Central Bank Digital Currencies (CBDC), either in the form of retail tokens or wholesale tokens. While the retail tokens can be directly used by the consumers, the wholesale tokens can be used by the banks within the financial system.
Following the trend, when BI launched the digital rupiah currency, the Governor informed that the currency will use a technology that would be compatible with the digital currencies produced by other banks.
It had been informed that the digital rupiah would be accessible gradually from a wholesale CBDC to get involved in the monetary operations and money market to eventually become a retail CBDC for everyday use. The governor said:
Digital rupiah will be implemented in stages, starting from wholesale CBDC for issuance, elimination, and transfer between banks.
Currently, the country restricts cryptocurrency from getting involved in financial transactions or payments other than the transactions of digital assets in the commodity market for the purpose of investments.
Furthermore, Perry said that the central banks would adhere to an agreement on the exchange rates of digital currencies and its operational supervision, including cyber risk and capital flow. He added that “therefore in terms of infrastructure, it can be integrated, interconnected, and interoperable [with other CBDCs]”.
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