While the Central Bank of Indonesia sees some negative parts to crypto, such as the ability for it to operate as a “shadow central bank,” it knows it needs to work on keeping up, but also not getting in the way either, and with that it’s developing a digital form of the Rupiah known as Project Garuda, Indonesia’s CBDC. At this point, crypto is too big in Indonesia to ban, so why not work with the industry and provide regulated payment layers, the prevailing logic goes.
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