Buat Apa Indonesia Ciptakan Jenis Uang Baru? CBDC Rupiah Digital

Summary

In this video, Luna explains the upcoming introduction of Indonesia's digital Rupiah, a central bank digital currency (CBDC) powered by blockchain technology. She highlights the benefits of digital Rupiah in enhancing financial efficiency, improving economic policy implementation, and reducing corruption. Luna also discusses how this digital currency could help overcome issues such as high remittance fees and slow transfers, especially for overseas workers. While emphasizing its potential, she also addresses concerns regarding cybersecurity and the risks of centralization, urging careful monitoring of its implementation.

Takeaways

• 😀 Bank Indonesia is developing a new digital Rupiah using blockchain technology to enhance the country's financial system.
• 😀 The digital Rupiah is different from regular electronic money (e-money) and cryptocurrency, as it is directly issued by the central bank and is more integrated into the national financial infrastructure.
• 😀 The main motivation for the digital Rupiah is to modernize Indonesia's financial system and address inefficiencies, especially in rural areas with limited access to traditional banking services.
• 😀 Digital Rupiah aims to create a centralized payment system, allowing people to make transactions, transfers, and even international payments directly from their phones without needing a bank account.
• 😀 The digital Rupiah would allow for faster, cheaper, and more efficient transfers, especially for Indonesian workers abroad, reducing the high fees and long waiting times for money transfers.
• 😀 One of the goals of the digital Rupiah is to streamline government economic programs like subsidies, taxes, and financial aid, reducing corruption and ensuring aid reaches the right recipients.
• 😀 With the digital currency system, Bank Indonesia could directly monitor and control inflation, allowing for quicker, more effective economic interventions without relying on intermediary financial institutions.
• 😀 Indonesia's digital Rupiah is part of a global trend, as 105 countries are exploring or developing Central Bank Digital Currencies (CBDCs).
• 😀 A potential risk of CBDC implementation is the centralization of power, which could lead to authoritarian governments using it for control over citizens, freezing accounts, or silencing opposition.
• 😀 There are concerns about the security of the digital Rupiah system, with centralized financial systems being vulnerable to cyberattacks, making it crucial for Indonesia to have robust cybersecurity measures in place.

Q & A

What is the new digital currency being proposed by Bank Indonesia?

Bank Indonesia is proposing a new digital version of the Rupiah, which will use blockchain technology to provide a more efficient, centralized financial system.

How is this digital Rupiah different from electronic money in bank accounts or e-wallets?

Unlike electronic money in bank accounts or e-wallets, the digital Rupiah will be issued and controlled directly by the central bank, making it a fully centralized form of digital currency.

What are some of the benefits of the digital Rupiah system?

The digital Rupiah can help improve the payment system, make financial transactions faster and cheaper, and enhance the overall efficiency of the country's financial infrastructure.

Why is the digital Rupiah particularly important for people in rural areas of Indonesia?

In rural areas, the financial infrastructure is still underdeveloped. The digital Rupiah would allow anyone with a smartphone to access financial services, even if they don't have a bank account, making transactions easier and more accessible.

How could the digital Rupiah impact the remittance process for migrant workers?

Migrant workers often face high fees and long wait times when sending money home. With the digital Rupiah, they could send money directly to family members' phones instantly and with lower fees, bypassing intermediaries.

What role does the central bank play in the digital Rupiah system?

The central bank will have full control over the issuance, circulation, and monitoring of the digital Rupiah, ensuring a centralized financial system that can be more easily regulated.

What are some potential risks associated with the implementation of the digital Rupiah?

A major risk is the centralization of financial control, which could be misused by governments, especially in less democratic systems. There's also the risk of cyberattacks on the security of the centralized system.

How could the digital Rupiah help reduce corruption in government aid programs?

The digital Rupiah could streamline the distribution of government aid directly to recipients' phones, minimizing the potential for corruption and ensuring that assistance reaches those who need it most.

What is CBDC, and how is it related to the digital Rupiah?

CBDC stands for Central Bank Digital Currency, and it refers to digital currencies issued by central banks. The digital Rupiah is a form of CBDC, following similar initiatives in over 100 countries.

What is the main challenge in ensuring the success of the digital Rupiah system?

The main challenge is ensuring that the system remains secure from cyberattacks and that it is implemented with proper oversight to prevent misuse by authorities, ensuring it is used fairly and responsibly.