It will be a legal tender in Indonesia alongside banknotes
The central bank is currently studying what technology to use for the digital rupiah. Once the digital rupiah is issued, it will be a legal tender in Indonesia alongside banknotes. But the central bank does not yet have a timeline on when it issues it.While cryptocurrencies are banned as a form of payment in Indonesia, it is legal to trade them. Earlier this month, the Indonesian government said it plans to tax profits from crypto trading.
Transaction frequency in digital banking platforms rose over 60%
Indonesia has put advancing digital payments as one of its top policy priorities after seeing a surge in online transactions during the coronavirus pandemic. Transaction frequency on the country's digital banking platforms rose more than 60% on an annual basis to more than 570 million times in April, while value increased by 46% to nearly 3.114 trillion rupiah (almost $217.5 billion).Indonesia joins the list of Asian countries that are exploring a central bank digital currency
With today's news, Indonesia joins the list of Asian countries exploring a central bank digital currency or CBDC. Hong Kong, Thailand and South Korea are all currently working on launching CBDC pilot programs. China, which is ahead of most countries in the world, is on the verge of launching the digital yuan.Get winning crypto tips in 5 minutes a day
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