{"id":206917,"date":"2021-12-06T13:00:45","date_gmt":"2021-12-06T13:00:45","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=206917"},"modified":"2021-12-06T15:04:31","modified_gmt":"2021-12-06T15:04:31","slug":"indonesia-could-launch-its-own-cbdc-to-fight-private-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/indonesia-could-launch-its-own-cbdc-to-fight-private-cryptocurrencies\/","title":{"rendered":"Indonesia could launch its own CBDC to &#8220;fight&#8221; private cryptocurrencies"},"content":{"rendered":"<p>The central bank of Indonesia is mulling over launching its own CBDC to <a href=\"https:\/\/www.aljazeera.com\/economy\/2021\/11\/11\/indonesias-national-religious-council-says-crypto-is-forbidden\">resist<\/a> adopting private cryptocurrencies. The financial institution considers CBDCs as a &#8220;credible&#8221; alternative to private cryptocurrencies as central bank digital currency can be regulated by the administrators.<\/p>\n<h2>Indonesia may launch its own CBDC<\/h2>\n<p>Bank Indonesia (BI) which is the central bank of Indonesia had long expressed its inclination to launch a <a href=\"https:\/\/www.reuters.com\/article\/indonesia-cenbank-cryptocurrency-idUSL2N2NC0NX\">CBDC <\/a>that can be easily regulated by the authorities. Governor Perry Warjiyo of Indonesia had earlier in May confirmed the launch of CBDC that may be introduced sometime soon.<\/p>\n<p>The bank had also acknowledged the fact that the locals have switched to digital payments due to the COVID 19 pandemic, and in such cases, launching a <a href=\"https:\/\/cryptoslate.com\/central-banks-are-developing-their-own-cbdcs-but-what-kind-of-cbdc-does-the-world-really-need\/amp\/\">CBDC<\/a> might be a credible way to substantiate digital payments since they can be easily monitored and controlled by the banking authorities.<\/p>\n<p>A recent Bloomberg <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-30\/bank-indonesia-mulls-digital-currency-as-a-way-to-fight-crypto\">report<\/a> has stated that the central bank of Indonesia is now considering CBDC an option to &#8220;fight&#8221; private cryptocurrencies and help launch digital &#8220;rupiah&#8221; which the bank considers a more reasonable payment alternative than Bitcoin and Altcoins combined.<\/p>\n<blockquote><p>\u201cA 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.\u201d added Juda Agung, deputy governor at Bank Indonesia.<\/p><\/blockquote>\n<p>Agung further emphasized that crypto assets have had a significant impact on the country's financial system and have regarded CBDC's a better way to assist the citizens to help transition towards adopting a steady digital alternative.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The central bank of Indonesia is mulling over launching its own CBDC to resist adopting private cryptocurrencies. The financial institution considers CBDCs as a &#8220;credible&#8221; alternative to private cryptocurrencies as central bank digital currency can be regulated by the administrators. Indonesia may launch its own CBDC Bank Indonesia (BI) which is the central bank of [&hellip;]<\/p>\n","protected":false},"author":824,"featured_media":206924,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76669],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indonesia could launch its own CBDC to &quot;fight&quot; private cryptocurrencies<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/indonesia-could-launch-its-own-cbdc-to-fight-private-cryptocurrencies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indonesia could launch its own CBDC to &quot;fight&quot; private cryptocurrencies\" \/>\n<meta property=\"og:description\" content=\"The central bank of Indonesia is mulling over launching its own CBDC to resist adopting private cryptocurrencies. The financial institution considers CBDCs as a &#8220;credible&#8221; alternative to private cryptocurrencies as central bank digital currency can be regulated by the administrators. Indonesia may launch its own CBDC Bank Indonesia (BI) which is the central bank of [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/indonesia-could-launch-its-own-cbdc-to-fight-private-cryptocurrencies\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-06T13:00:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-06T15:04:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/12\/indonesia-cbdc-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Juhi Mirza\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Juhi Mirza\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/indonesia-could-launch-its-own-cbdc-to-fight-private-cryptocurrencies\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/indonesia-could-launch-its-own-cbdc-to-fight-private-cryptocurrencies\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/juhi-mirza\/#person\",\"name\":\"Juhi Mirza\",\"url\":\"https:\/\/cryptoslate.com\/author\/juhi-mirza\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/juhi-mirza\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/juhi-mirza\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/10\/juhi-mirza-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/10\/juhi-mirza-author-300x300.jpg\",\"caption\":\"Juhi Mirza\"},\"description\":\"Juhi Mirza is an archaeology major who is obsessive about blockchain\/Crypto technology and deems it to be the foundational philosophy of the future. 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