JAKARTA – WE declarator, Gatot Nurmantyo, suggested that the government should issue e-Rupiah. It’s to address Indonesia’s economic problems due to the global pandemic COVID-19. So what is e-Rupiah?
According to Gatot, we can find some practice of the e-Rupiah concept in everyday life. Such as paying for toll roads, public transportation, and online services. During the COVID-19 pandemic, digital and banking platforms adopted non-cash transactions.
“Our suggestion needs to be discussed by the government to issue e-Rupiah. Only for transactions between e-Rupiahs,” said Gatot. During the WE declaration event at the Proclamation Monument, Jakarta on Tuesday, August 18.
E-Rupiah is nothing new. It’s the idea of Bank Indonesia (BI) governor, Agus Martowardojo, two years ago. At the time, the central bank was studying the issuance of rupiah in digital form.
It is adopting the use of virtual currency that has also been done by central banks in other countries. Currently, there are 1,490 Cryptocurrencies in the world, including Bitcoin, Ethereum, and other digital currencies.
Cryptocurrency
Cryptocurrency is currently one of the most favorite investment instruments in the world. Including in Indonesia. This currency is rapidly growing. It has become a non-cash alternative value, such as remittances and cross-border transactions.
The cryptocurrency exchange rate is determined using Blockchain technology. It’s a decentralized, transparent, and secure peer-to-peer network. Because it is protected by cryptographic algorithms. With this technology, a centralized server or data center will no longer be needed to act as a clearinghouse for all transactions.
As a result, many people believe that Cryptocurrency transactions on the Blockchain network are a solution to various problems faced by conventional financial systems. In Indonesia, Cryptocurrency has been regulated by the Commodity Futures Trading Supervisory Agency (Bappebti).
Through Bappebti Regulation Number 5 of 2019 concerning Technical Provisions for the Implementation of the Physical Crypto Asset Market, cryptocurrency is a commodity that can be traded on a futures exchange.
“Crypto assets are intangible commodities in the form of digital assets that use cryptography, peer-to-peer networks, and distributed ledgers to control the creation of new units, verify transactions, and secure transactions without interference from other parties,” a description of the Bappebti rules.
Despite being a commodity asset, cryptocurrency has not been fully recognized as payment throughout Indonesia. There is no guarantee of the transaction value of currency ownership. Moreover, cryptocurrency can cause instability in the financial system.
CNBC quoting, Indonesia already has its first Crypto assets, namely the Rupiah Token (IDRT). This form of cryptocurrency is built on top of Blockchain Ethereum with the standard ERC-20 smart contract protocol.
IDRT tokens have a stable value of 1 to 1 with Rupiah and are produced by PT Rupiah Token Indonesia. According to the audit report issued as of May 1, 2020, the total Rupiah tokens circulating in the market have reached 72.7 billion IDRT with collateral in Rupiah of the same value.
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