According to the central bank, the digital rupee will be “a credible alternative to cryptocurrencies”

​The Indonesia's regulator believes CBDC will help fight crypto assets

01.12.2021 - 09:20

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1 min

According to the central bank, the digital rupee will be “a credible alternative to cryptocurrencies.”

What’s new? The representatives of the central bank of Indonesia believe that cryptocurrencies pose a threat to the country's financial system. Only the launch of the digital rupee will offset the risks, Bloomberg reports.

News source on the Bloomberg website

What statements have been made? During a speech in Parliament, the Deputy Governor of the central bank, Juda Agung, said that crypto assets have a significant impact on Indonesia's financial system. According to the regulator, only the digital rupee will solve this problem and provide “a credible alternative to cryptocurrencies.”

This is not Indonesia's first attempt to fight a new asset class. As previously stated, the National Ulema Council of Indonesia banned Muslims from using bitcoin and other cryptocurrencies throughout the country.

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