Saturday, February 4, 2023

‘Digital rupiah currency can be used in metaverse’

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Indonesia’s central bank (BI) governor Perry Warjiyo said on Monday its planned digital rupiah currency can be used in the future to buy products in the metaverse.

BI launched the design for its digital rupiah last week, following many central banks around the world that are developing so-called central bank digital currencies (CBDCs).

Perry, speaking at an event on the digital rupiah, added the currency will use a technology platform that will be compatible with other central banks’ digital currencies.

“…therefore in terms of infrastructure, it can be integrated, interconnected, and interoperable [with other CBDCs],” he said.

Perry said there will be an agreement among central banks on the exchange rate used for digital currencies and on its operational supervision, which includes cyber risk and capital flow.

Southeast Asia’s biggest economy currently bans the use of cryptocurrencies as a means of payment, but allows transactions of the digital assets in the commodity futures market for investment purposes.

BI will roll out the digital rupiah in stages, starting from wholesale CBDC to development of the digital rupiah’s business model for monetary operations and money market, and eventually a retail CBDC for everyday use.

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