Indonesia is developing its own crypto
While Bitcoin is trying to rehabilitate itself after the recent fall, Ethereum is going through hard times, and China is blocking digital assets everywhere – other countries are taking on promising projects. Today it became known that Indonesia plans to start creating its own cryptocurrency. This will be the first experience of the state in the development of the digital economy. Next, we will tell you everything that should be understood about the project. We will discuss its purpose, real prospects and decide: is it worth your attention. So let’s get started.
Who is behind the development of the asset?
It hardly makes sense to argue with the fact that Indonesia is not the most recognizable country. Its name rarely appears in news headlines, and many of our readers will have a hard time showing it on a map. However, it is one of the largest states in its region. A huge number of talented, trained and proactive developers live and work in it. Nevertheless, the country has one serious problem – the gradual withering away of cash on delivery and the lack of a high-quality digital analogue.
About 60% of all foreign exchange transfers in the country are carried out using non-cash funds and instruments. However, the speed and autonomy of such transactions also leaves much to be desired. That is why the local Central Bank came up with the intention to legalize its own CBDC cryptocurrency. The creation of the coin will be entrusted to the specialists of the National Bank, who will carry out the necessary work and provide a completely ready-made currency instrument.
The launch date, however, has not yet been specified. One way or another, we can talk about a fairly early start of the project. According to the local government, the recent pandemic has become a decisive factor in the discussion of cryptocurrency. The widespread outbreak of coronavirus has shown the need for a means of payment that does not require direct contact between people. The answer is its own national cryptocurrency. Is there a future for this kind of development? More on this in the next section.
What’s next for CBDC in Indonesia?
At the moment, the relevant bills are being prepared. The state plans to legalize cryptocurrency as a full-fledged means of payment. It will be possible to pay with a coin in everyday life, and wages will come in it. And this is a big step for a fairly conservative country. Recall that in Indonesia you cannot pay for goods using digital money. However, the state calmly accepts trading in advanced currencies. Indonesia shows by its example that the government is ready to change, ready to adapt to the current environmental conditions.
And this is great, especially against the background of the fact that more advanced countries are banning digital assets. We hope that other states will be inspired by the positive experience of Indonesia and will also start mastering the Blockchain. And in the homeland of CBDC, an obvious success awaits. Citizens are interested, and the state encourages interest. Everything is as it should be.
It is possible that the local CBDC will become a tool for investment in the state economy. So, if you want to join the development of Indonesia, if you see a perspective in this, you just have to wait for the launch of a digital project. There are no specific dates, as already mentioned, yet, but this is fixable. As soon as the information appears in the public domain, we will notify our regular readers. The main thing is to stay abreast of all the current news in the digital industry. We regularly publish only high-quality, interesting material. Thanks for attention. Good luck!