The P2SK Law Is The Red Ratet For The Issuance Of Digital Rupiah

The presence of the Law on the Development and Strengthening of the Financial Sector (P2SK) which was just passed by the DPR in today's plenary meeting is an important milestone of financial system reform in Indonesia.

One of the regulations regulated in the regulation is the plan to issue digital rupiah currency which can later be used as a legal transaction tool.

Minister of Finance (Menkeu) Sri Mulyani said the government arrested DPR concerns who wanted to accelerate digital transformation and ease and efficiency in the financial system.

"This includes a payment system, as well as strengthening the role of associations in Financial Sector Technology Innovation (ITSK)," he said at the Senayan Parliament Complex, Jakarta on Thursday, December 15.

According to the Minister of Finance, the P2SK Law is a major umbrella for Indonesian regulations to further realize non-cash transactions in the country. However, the state treasurer realizes the need for comprehensive preparation to ensure that the use of virtual currencies can continue to support the national economy in the future.

"This law must be able to ensure that future developments related to the Central Bank Digital Currency (CBDC) continue to pay attention to the aspect of consumer caution and protection," he stressed.

According to VOI records, the Governor of Bank Indonesia (BI) Perry Warjiyo had stated that the existence of digital rupiah is a necessity to remain relevant to the times.

Later in Indonesia there will be three legal tenders. The first is money in physical form. Second, account-based payment instruments, for example debit cards. The third is digital rupiah," he said some time ago.

Most recently, the central bank has just released a digital rupiah development design summarized in White Paper (WP). In its report, BI outlines the formulation of CBDC for Indonesia taking into account the principle of benefits and risks.

The development of the central bank's digital currency in the future is not an option, but a necessity. The central bank still needs to explore and test it to anticipate the development of digital currencies in the future," Perry said.