The governor of Bank Indonesia (BI) stresses on the vitality of crypto-assets’ regulatory framework at a recent G20 Bali event. Emphasis on crypto-assets’ “economic, monetary, and financial system stability” impact is at the forefront of central banks’ talks globally.
Reports state Bank Indonesia’s (BI) governor Doni Porimanto Joewono discussing the effects of crypto-assets on the economy:
“Crypto-assets can potentially help emerge new risks that could affect economic, monetary, and financial system stability,” states Don at ‘advancing digital economy and finance’ G20 event, July 12, in Bali.
Speaking at the event, Don also credits crypto-assets’ potential of promoting financial inclusion and financial system efficiencies.
The BI Governor believes digitization is transforming the lives and (financial) activities of people. He reasons that even during the recent pandemic, crypto-assets’ growth was zooming.
Also read: Indonesia to Levy 0.1% Income Tax on Crypto Transactions from May
Policymakers globally are researching and discussing a Central Bank Digital Currency (CBDC). Central banks are exploring CBDC design and issuance with tests to suit country-specific “characteristics.”
Don explains, “a number of central banks are carefully continuing to study the possible effects of the CBDC, including Indonesia.”
Bank Indonesia is actively exploring CBDCs, with its whitepaper on the digital Rupiah’s potential coming soon.
