Indonesia c.bank says digital rupiah currency can be used in metaverse | The Financial Express

Indonesia c.bank says digital rupiah currency can be used in metaverse

Perry said there will be an agreement among central banks on the exchange rate used for digital currencies

Indonesia c.bank says digital rupiah currency can be used in metaverse
BI will roll out the digital rupiah in stages, starting from wholesale CBDC to development of the digital rupiah's business model

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.

Also Read: Indonesia c.bank launches white paper on planned digital currency

Follow us on TwitterFacebookLinkedIn

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 05-12-2022 at 09:50 IST