
Bank Indonesia plans digital rupiah trial in 2024 as part of national payment system development | RISK & OPP - Indonesia Business Post
Bank Indonesia (BI) is gearing up for a trial of its central bank digital currency, known as the digital rupiah, in 2024. The central bank intends to collaborate with large-scale financial institutions for this pilot, according to Deputy Governor Juda Agung. This initiative is highlighted as one...


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Rupiah Digital Terbit 2024, Ini Penjelasan Bos BI
Rupiah Digital diterbitkan secara virtual & disimpan di platform digital. Rupiah digital tak bisa ditarik ke bentuk fisik.

This has been long in the pipeline but finally it will be in trial phase next year.
It is essentially an electronic representation of the official Indonesian currency, the rupiah, which is the recognized fiat currency of Indonesia.
Importantly, it should be emphasized that this is not a cryptocurrency. It operates in a centralized manner, meaning it is issued and overseen by a central authority, specifically the Indonesian central bank. Its functionality is integrated into the established structure of the country's monetary system.
In my view, the digital rupiah in Indonesia holds promise for combating corruption due to its foundation on transparent technologies, offering a clearer and traceable transaction record.
However, the challenge with corruption in Indonesia lies deeply in the cultural aspects, involving all branches of government, including the Legislative, Executive, and Judicial. Addressing this issue requires a comprehensive approach, including reforms in recruitment processes and thorough vetting of individuals in positions of authority, such as police officers, judges (including those in the Supreme Court), prosecutors, and tax officials. Without addressing these systemic issues, meaningful solutions to corruption are unlikely to be achieved.
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