Indonesian authorities are considering the transition to a digital currency

Perry Varjiyo, the governor of the Central Bank of Indonesia, said that in the near future, the digital currency of their state may find its application in the metaverse. He shared some details and said that the launch of the digital rupee will be carried out through the blockchain.

According to the Indonesian authorities, CBDC will initially be a wholesale currency option, and later on it will most likely become part of the everyday use of people in the real world. As planned by the Central Bank of Indonesia, the digital rupiah will be introduced gradually and this process will be carried out in several stages. The country's banks will not only issue digital currency, but also gradually eliminate it, as well as make transfers between each other.

According to Perry Varjiyo, at the moment only those people who do this for the purpose of investment can engage in cryptocurrencies in Indonesia. In addition, Varjiyo assures that banks will adhere to cryptocurrency exchange rate agreements, as well as monitor cyber risks and capital flows to protect their clients from big losses.

CBDC is a digital version of fiat currency from the Central Bank, implemented on the blockchain system. In this way, the Central Bank can digitalize fiat and allow residents to use financial resources in a new way.

Recently, more and more countries have expressed the adoption of cryptocurrencies at the state level. So, for example, in October 2021, the country of El Salvador became the first state in the world to adopt cryptocurrency at the national level. Most recently, the country announced the creation of a National Bitcoin Office , which will develop cryptocurrency activities in the country. In addition, after the fall of bitcoin, the president of El Salvador, Nayib Bukele, announced the daily purchase of BTC. The country will buy one bitcoin every day.

Earlier, we also talked about the support for the flagship cryptocurrency expressed by the Governor of Texas. Greg Abbott wants his state to be at the forefront of the cryptocurrency industry and reports on the government's move towards accepting digital assets.