ASPAKRINDO Supports The Synergy Of Digital Rupiah And Crypto Asset Trading In Web3 Industry

ASPAKRINDO appreciates the issuance of the CBDC Digital Rupiah white paper (photo: Unsplash)

JAKARTA - Bank Indonesia has finally released a white paper for the development of the Central Bank Digital Currency (CBDC) called Digital Rupiah, a first step in the Garuda project, an initiative that oversees various explorations and is expected to be a catalyst for the development of CBDC designs in the future.

Chairman of the Indonesian Crypto Asset Traders Association (ASPAKRINDO), Teguh Kurniawan Harmanda, welcomed and appreciated the issuance of the CBDC Digital Rupiah white paper which had been waiting for a long time.

With this WP, it is a good step to explore the right CBDC designs for Indonesia in the future and its relationship with crypto asset trading, as well as the development of blockchain adoption.

"This is a major advance in the approach to issuing CBDCs in Indonesia with prospective future proof solutions," said the man who is familiarly called Manda in a statement received in Jakarta.

According to him, the development of CBDC is not an option, but a necessity, and sooner or later Indonesia must lead there.

"If CBDCs are carefully designed, it has the potential to offer more resilience, safer, greater availability, and lower costs," he said.

Manda also said that his party is ready to synergize with Bank Indonesia and all stakeholders related to synergies in the Garuda project which targets seven non-exhaustive priority areas, such as the crypto asset trading area, including the use of Digital Rupiah in the Web3 ecosystem.

"As business actors in the crypto asset trading industry and Web3, we from the association are ready to coordinate and work together to optimize Digital Rupiah in the future. Not a single size is suitable for all. There is no universal case for CBDC because the economic system of each country is different," concluded Manda.

Digital Rupiah and Web3

He explained that the white paper Digital Rupiah is designed to be equipped with various types of use (use cases), both in wholesale and retail ecosystems.

Digital Rupiah will be an asset settlement for various types of transactions in the goods and services market as well as financial markets, both in traditional ecosystems and the digital ecosystem, such as the Web3 ecosystem including decentralized finance (DeFi) and the metaverse.