Bank Indonesia to Issue Digital Rupiah

The digital rupiah will be trialled this year in an effort to help make the payment system more efficient
29 January 2018   515

Despite Bank Indonesia (BI) prohibiting the use of cryptocurrency as a payment instrument, the central bank is considering issuing digital rupiah. Assistant to BI executive director for payment systems Susiato Dewi said the digital rupiah will be trialled this year in an effort to help make the payment system more efficient.

The physical banknotes we currently use may be converted into digital money. However, no country has released such money yet.

 

Susiato Dewi

Executive director for payment systems, Bank Indonesia

She said that the digital currencies issued by BI and other central banks will be different from current cryptocurrencies because digital money will be based on the certain values of assets.

She also added that the amount of the digital money will be based on the current currency system, and will take into account the inflation rate.

Previously, BI Governor Agus Wartowardojo said that using Bitcoin as a payment and transaction instrument violated Law No. 7/2011 on currency, which defines the rupiah as the only official transaction and payment instrument in the country.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   39

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.
 

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.