The constant development and adoption of blockchain have motivated many nations to develop their Central Bank Digital Currency (CBDC), in a recent development it has been noted that the Bank Indonesia has marked a crucial milestone by completing the proof of Concept (PoC) for the Wholesale Rupiah Digital Cash Ledger.
As per an official announcement, of the completion of the PoC, it can be clearly speculated that regions seem to be interested in supporting the adoption of their national currency, leveraging technologies like blockchain and digital ledger.
Following the successful completion of PoC, Perry Wariyo the governor of Bank Indonesia said that the successful trial demonstrates the suitability of digital ledger technology for the Central Bank Digital Currency.
Wariyo goes on quoting ” This achievement is a manifestation of Bank Indonesia’s commitment to the development of the Rupiah Digital in response to the rapid growth of the digital financial economy.”
The official statement by the Bank reveals that the Central Bank has conducted tests over two DLT platforms to explore the potential of evolving technologies.
However, a sudden shift in the focus of nations toward exploring CBDCs has significantly demonstrated their curiosity to delve deeper into available decentralized applications.
Indonesia aims to expand CBDCs craze surpassing Crypto!
As per available information, Indonesia was once a majority region to contribute in the global crypto adoption, yet a slower pace of adoption and trading has been observed in the region in the past few months.
Though analysts argue that, the primary reason behind the steady pace of crypto adoption in Indonesia is primarily backed by the surging global interest rates.
It is worth noting that a sudden boom in crypto-related activities was observed in Indonesia during and after the global pandemic. There is no official recognition of crypto and related products in the region however one can trade crypto without any prohibition.
An available report states that the majority of crypto users in the nation are aged between 18 to 30 years, and at the same time Bitcoin, Ethereum, Solana, and Tether remain one of the most traded.
The currently available data of CoinGecko notes that Pepe Unchained remains one of the highest-traded cryptocurrencies intraday followed by Bitcoin, Tomarket, Fartcoin, and a few others.
Crypto Market Price Updates
At the time of writing, the cryptocurrency market capitalization was at $3.37 trillion with an intraday decline of 4.21 percent.
As per market experts, the sudden turbulence in market sentiment has been caused by investors’ sentiment shift, at the same time Bitcoin lost 3.39 percent reaching below the mark of $100k, at $97,957.
Source: CoinMarketCa
Similarly, Ethereum reflected a bleed of 7.74 percent intraday, now trading at $3,403 trading price saw a decline of more than 12 percent in the past seven days.
