Cyprus Mail
AsiaBusinessCryptocurrencies

Indonesia says digital rupiah currency can be used in metaverse

indonesia
A teller counts Indonesian rupiah bank notes at a money changer in Jakarta, Indonesia, October 14, 2022. REUTERS/Willy Kurniawan/Files

Indonesia’s central bank (BI) governor Perry Warjiyo said on Monday its planned digital rupiah currency can be used in the future to buy products in the metaverse.

BI launched the design for its digital rupiah last week, following many central banks around the world that are developing so-called central bank digital currencies (CBDCs).

Perry, speaking at an event on the digital rupiah, added the currency will use a technology platform that will be compatible with other central banks’ digital currencies.

“…therefore in terms of infrastructure, it can be integrated, interconnected, and interoperable [with other CBDCs],” he said.

Perry said there will be an agreement among central banks on the exchange rate used for digital currencies and on its operational supervision, which includes cyber risk and capital flow.

Southeast Asia’s biggest economy currently bans the use of cryptocurrencies as a means of payment, but allows transactions of the digital assets in the commodity futures market for investment purposes.

BI will roll out the digital rupiah in stages, starting from wholesale CBDC to development of the digital rupiah’s business model for monetary operations and money market, and eventually a retail CBDC for everyday use.

Follow the Cyprus Mail on Google News

Related Posts

Government employment increases by 5.2 per cent in January

Souzana Psara

Alpha Bank pledges commitment to Cyprus economy in meeting with president

Souzana Psara

Investment funds fueling sustainable growth in Cyprus, association says

Kyriacos Nicolaou

Google enables OS upgrades for older PCs post-Windows 10 support cutoff

Reuters News Service

Freedom Holding Corp. doubles quarterly earnings to $418.6 million

Kyriacos Nicolaou

Biden’s drive for EVs collides with Detroit’s profit machines

Reuters News Service