The Bank Indonesia (BI), Indonesia’s central bank, has announced plans to launch a national stablecoin backed by government bonds. This initiative will be spearheaded by Governor Perry Warjiyo, who is known for his work in digital finance innovation. The stablecoin aims to bolster financial stability and modernize the country’s payment system through regulated technology.
This move follows global trends towards central bank digital currencies (CBDCs), potentially impacting both local and global digital payment markets. It could introduce a more regulated alternative to existing stablecoins, challenging existing local tokens and potentially influencing crypto market dynamics by altering trading pairs and fiat transactions.