Possibility of Digital Rupiah.
Although not yet allowed the use of digital currency (cryptocurrency) as a means of payment, but Bank Indonesia (BI) did not turn a blind eye to the increasingly rampant virtual money.
Bank Indonesia also claimed to also take advantage of the presence of blockchain technology that became the basic technology of the operation of cryptocurrency such as bitcoin, ripple, and other digital currencies.
With that technology, did not rule out the physical currency of rupiah that has been circulated BI for this time, turned into digital.
Assistant Deputy Executive Director of Bank Indonesia Payment System (BI) Susiati Dewi said digital currency technology will begin to be tested by BI this year. It aims to the efficiency of the payment system industry.
At one time maybe the physical money that we circulated to be digital. Not yet. All countries in the world have not released anything yet.
Trial and review of the use of virtual currency has also been done by central banks of other countries. Future targets, between central banks and countries can transact using crypto money that is recognized by all authorities.
However, the BI virtual currency and the central bank will be different from the current crypto currency. Because the digital currency released by the central bank will still have assets that are the basis of the transaction.
The pattern of calculation of the circulation of digital currency will be adjusted to the current conditions, as well as the circulation of rupiah currency that takes into account inflation that occurred.
The Singapore Central Bank was the first to apply the technology to the Real Time Gross Settlement (RTGS) system. But the technology is still not stable.
Bank Iindonesia noted, there are currently 1,490 cryptocurrencies that develop in the world, including bitcoin. Bitcoin became the most famous digital currency because of its greatest market value in the world.
NOTE THE IMPACT
If Bank Indonesia will issue digital money, it is necessary to pay attention to a number of things, especially the impact to the Indonesian economy. Whether increasing inflation or making the economy more efficient.
More importantly, Bank Indonesia should monitor and ensure the security of its circulation.BI also needs to educate the public. Do not bring up a new mode of theft and money laundering.
