Blockchain Association Welcomes Bank Indonesia Initiative To Develop Digital Rupiah

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DIKSIA.COM - JAKARTA, , Chairwoman of the (ABI), said her party welcomed 's initiative to develop the .

According to him, since the publication of the Consultation Paper (CP) by the central bank in January 2023, the in Indonesia has been invited to participate in the early stages of development.

ABI and its members, including D3 Labs, work diligently to provide recommendations focused on efficiency and benefits for the people of Indonesia.

The consultation paper also discusses the impact of digital rupee issuance on the payments system, as well as financial and currency stability.

“This initiative is not only about technology, but also about how we can integrate this technology with the actual needs of the Indonesian people. We understand the importance of working together,” Asih said in a statement on Monday (07/08/2023).

“Through the synergies with stakeholders including economic actors, government and community, it is hoped that the development of can create optimal solutions for the future,” he added. Tigran Adiwirya, Co-CEO of D3 Labs, said that the involvement of industry players in the development of the digital rupiah is a valuable opportunity to accelerate the development of the blockchain ecosystem in Indonesia.

Furthermore, the issuance of the digital rupiah in particular will bring many benefits to all levels of society as it brings inclusivity to the financial sector. “The development of the digital rupiah is also expected to increase efficiency and strengthen security in transactions,” Tigran said.

Tigran explained that by using blockchain technology, Rupiah Digital can promote financial inclusion in society and ensure wide digital accessibility for the Central Bank Digital Currency (CBDC). In launching the digital rupiah, Tigran pays particular attention to the risks that may arise during the withdrawal and destruction process.

How can it be ensured that financial stability is maintained and risks can be avoided? One solution that can be considered by is the implementation of special design features, such as maximum individual ownership limits for central bank digital currencies (CBDC) and tiered rewards, as a tool to protect financial stability.

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