{"id":14892,"date":"2021-12-01T23:54:05","date_gmt":"2021-12-01T23:54:05","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/indonesias-central-bank-considers-issuing-digital-currency-to-fight-crypto\/"},"modified":"2021-12-01T23:54:05","modified_gmt":"2021-12-01T23:54:05","slug":"indonesias-central-bank-considers-issuing-digital-currency-to-fight-crypto","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/indonesias-central-bank-considers-issuing-digital-currency-to-fight-crypto\/","title":{"rendered":"Indonesia\u2019s Central Bank Considers Issuing Digital Currency to \u2018Fight\u2019 Crypto"},"content":{"rendered":"<p><strong>Bank Indonesia, the country\u2019s central bank, is reportedly considering issuing a central bank digital currency (CBDC) to fight the use of cryptocurrency. \u201cA CBDC would be one of the tools to fight crypto. We assume that people would find CBDC more credible than crypto,\u201d said an assistant governor of the central bank.<\/strong><\/p>\n<h2>Central Bank Sees CBDC as Tool to \u2018Fight Crypto\u2019<\/h2>\n<p>Juda Agung, an assistant governor of Bank Indonesia, the country\u2019s central bank, talked about cryptocurrency and central bank digital currency (CBDC) during his parliamentary \u201cfit and proper test\u201d to become the deputy governor of the central bank.<\/p>\n<p>He said that Bank Indonesia wants to issue a digital rupiah to be used as legal tender to fight cryptocurrency, Bloomberg reported, noting that the central bank has been looking into this issue since the beginning of the year.<\/p>\n<p>In Indonesia, crypto assets are traded alongside commodity futures and are regulated by the trade ministry, the assistant governor explained. However, he emphasized that they have a significant impact on the country\u2019s financial system, elaborating:<\/p>\n<p>A CBDC would be one of the tools to fight crypto. We assume that people would find CBDC more credible than crypto. CBDC would be part of an effort to address the use of crypto in financial transactions.<\/p>\n<p>According to the trade ministry, about 7.4 million Indonesians invested in crypto assets as of July, doubling from last year. Their crypto transactions totaled approximately 478.5 trillion rupiahs ($33.3 billion). The Indonesian government is pushing forward with plans to set up a dedicated crypto exchange.<\/p>\n<p>Meanwhile, Indonesia\u2019s Ulema Council (Majelis Ulama Indonesia or MUI), the country\u2019s top Islamic body that holds the authority on Shariah compliance, recently <a href=\"https:\/\/news.bitcoin.com\/indonesias-islamic-authority-cryptocurrency-haram-forbidden-for-muslims\/\">declared<\/a> the use of cryptocurrency haram, forbidden under Islamic law for Muslims.<\/p>\n<p><em><strong>What do you think about Indonesia\u2019s central bank wanting to issue a central bank digital currency to fight crypto? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nRegulation, Bank Indonesia, CBDC, cbdc vs crypto, cbdc vs cryptocurrency, Central Bank, indianesian central bank, indo, Indonesia, Indonesian, Indonesian central bank, legal tender<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank Indonesia, the country\u2019s central bank, is reportedly considering issuing a central bank digital currency (CBDC) to fight the use of cryptocurrency. \u201cA CBDC would be one of the tools to fight crypto. We assume that people would find CBDC more credible than crypto,\u201d said an assistant governor of the central bank. Central Bank Sees&hellip;<\/p>\n","protected":false},"author":0,"featured_media":14893,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14892"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14892"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14892\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14893"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}