First Mover Asia: Indonesia envisions a world where it controls Web3 and DeFi by providing a government-sanctioned payment layer without eliminating it. Bitcoin and ether hold as U.S. stocks fall. Glenn Ardi of CoinDesk Indonesia and Liqquidity report.
, wrote the market's direction is"still all about macro and regulation."
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.
“Activities within the Web 3.0 ecosystem, including crypto asset transactions, also add to the complexity of controlling financial systems, both in the context of mitigating micro-financial and macro-financial risks,” the paper reads. “Central banks would need to find a future-proof solution to maintain public trust in them with regards to carrying out their mandate in the digital era.”
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