🗝️ℹ️ (Key Information)
CBDC Status: Research
CBDC Launch: n/a
CBDC Model: n/a
CBDC Issued: n/a
Inflation Rate: 4.21%
One-sentence summary:
Indonesia's move toward Central Bank Digital Currencies (CBDCs) is marred by concerns linked to corruption and stifled dissent amidst the ongoing research and consultative efforts undertaken by Bank Indonesia.
✅ 🇮🇩's central bank published a CBDC white paper, "Project Garuda" in November 2022, aiming to transition from a wholesale to a retail CBDC for the public.
✅ Legislation was initiated later in 2022 to make the proposed digital rupiah a legal tender, offering features similar to paper money but fully encrypted.
✅ Feedback to the white paper was collated and published in a separate paper, with Bank Indonesia announcing plans to move into experimental and policy review stages in late 2023.
✅ Despite progress, Freedom House's 2023 report rated 🇮🇩 with 58 out of 100, flagging corruption and crackdowns on dissent as main concerns relevant to CBDC issuance.
✅ Both Freedom House and the U.S. Department of State highlight the endemic corruption within national structures, which might risk CBDC-related promises about limiting surveillance and control.
✅ Reports reveal instances of governmental pressure on internet service providers to disrupt communications of perceived opponents, with a CBDC being potentially used to curtail opposition further by controlling citizens' finances.
#Indonesia #CentralBankDigitalCurrency #HumanRights #FinancialFreedom #FreedomHouse
Question for folks here: Considering these concerns about corruption and stifled dissent, how can Indonesia ensure a future CBDC stays a tool for financial inclusion and economic growth, not a weapon of control or surveillance? Let's have a respectful and constructive discussion.
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