Search Results for: Bank Indonesia

“Indonesia has launched its own digital assets stock market and clearing house, marking a significant leap in fostering a fair and secure crypto trading realm. Despite delays, this platform holds the potential to transform Indonesia’s crypto landscape. However, regulatory intricacies remain a challenge. Indonesia’s bold move has positioned it globally as a fast adopter of crypto assets, promoting cryptocurrency acceptance and making it an attractive hub for digital assets.”

Bali, Indonesia tightens payment rules to discourage foreign tourists from using cryptocurrencies, ensuring compliance with local regulations and protecting the stability of the nation’s financial system. Cryptocurrency usage is legal, but not as a payment instrument, potentially leading to fines or imprisonment.

Bali Governor Wayan Koster warns foreign tourists against using crypto for payments, stating violations can lead to criminal penalties, deportation, or sanctions. Indonesian law requires transactions to utilize local currency, the rupiah, to protect it from alternative currency challenges.

China is looking to showcase the capabilities of its Central Bank Digital Currency, the digital yuan, to ASEAN nations, potentially indicating a cross-regional usage. Political diversity among ASEAN members and their affiliations could, however, influence this dynamic. Amid de-dollarization efforts in the region, Beijing’s digital yuan could find an increasing role. Opportunities may also arise from Bank of Indonesia’s interest in cross-border CBDC usage.

Experts from Brazil anticipate BRICS summit discussions on a potential digital fiat currency, with workgroups likely being established for the initiative. A collective digital currency could potentially replace the US dollar in trade deals among BRICS nations despite sceptical voices. Individual nations within the BRICS alliance, including China, Russia, and Brazil, have already initiated their own Central Bank Digital Currency (CBDC) projects.