BI Will Issue Digital Rupiah for Transactions in Metaverse

VIVA – Bank Indonesia (BI) will issue a digital rupiah or Central Bank Digital Currency (CBDC). Later, this digital rupiah currency will become a legal payment and it can be used for shopping transactions on the metaverse platform.

“Digital rupiah as a legal payment that can be used to pay or to buy metaverse goods, but paper cannot,” The Governor of Bank Indonesia, Perry Warjiyo remarked in the BIRAMA Series Talkshow, on Monday, December 5, 2022.

Perry Warjiyo also explained that the digital rupiah is in principle the same as a means of payment in the form of metal and paper money because in digital money there is a logo of the Unitary State of the Republic of Indonesia (NKRI).

"In the digital rupiah, there is NKRI, the features also in the digital rupiah. The difference is if the digital rupiah all encrypted, NKRI and the features of Indonesia's wealth in metal and paper money are currently in digital form, encrypted, using coding," Perry Warjiyo stated.

According to Perry, there will be three types of legal tender. First, payment instruments use money. Second, account-based payment instruments such as debit cards and m-banking. Third, digital payment instruments or digital rupiah.

"Digital rupiah is the only legal payment instrument issued by BI. The form is coding which is all encrypted. Only BI knows and there will be a special team at BI. So, in the future, there are regular accounts, there are also digital accounts, there is electronic money like now there is digital money," Perry Warjiyo explained.