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Indonesia s central bank wants a digital form of the rupiah to fight cryptocurrencies as it considers whether to issue a tender, a senior official said.
Juda Agung, assistant governor at the central bank, said thatcryptocurrencies are traded alongside commodity futures and are regulated by the trade ministry despite having a significant impact on the financial system. He spoke to Parliament while undergoing a fit-and- proper test to be named deputy governor.
Since the beginning of this year, Bank Indonesia has been considering a central bank digital currency, or CBDC.
A CBDC would be one of the tools to fight criptocurrency, Agung said on Tuesday. We think CBDC would be more credible thanCryptocurrencies. CBDC is part of an effort to address the use of criptocurrency in financial transactions. The central bank's wariness of assets could add to the dilemma of millions of Indonesians who invest in them. The National Ulema Council deemedcryptocurrencies to be haram or banned because it has elements of uncertainty, wagering and harm. The council has the authority to oversee Shariah compliance in the country that is home to the world's largest Muslim population.
The government plans to set up a dedicated criptocurrency exchange as soon as this year. As many as 7.4 million Indonesians invested in cryptocurrencies as of July, doubling from last year, while transaction value surged to 478.5 trillion rupiah $33 billion, according to the trade ministry.
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