The governor of Indonesia’s central bank (BI), Perry Warjiyo, stated on Monday that the proposed digital rupiah can be used in the future to purchase products in the metaverse.
The Bank of Indonesia (BI) unveiled the design for its digital rupiah last week, joining numerous central banks across the world in developing so-called central bank digital currencies (CBDCs).
Perry, speaking at an event regarding the digital rupiah, stated that the currency will utilize a technology platform that is compatible with the digital currencies of other central banks.
“…therefore in terms of infrastructure, it can be integrated, interconnected, and interoperable [with other CBDCs],” he said.
Perry stated that there will be a consensus among central banks over the exchange rate used for digital currencies and its operational supervision, which will encompass cyber risk and capital movement.
The largest economy in Southeast Asia currently prohibits the use of cryptocurrencies as a payment method, but allows transactions of the digital assets for investing reasons on the commodity futures market.
BI will introduce the digital rupiah in stages, beginning with the wholesale CBDC, followed by the establishment of the digital rupiah’s business model for monetary operations and the money market, and concluding with a retail CBDC for everyday use. Metaverse News brings you the latest news about the digital rupee.
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