The Pandemic Has Passed, Paper Money Has Also Passed With It?

Indonesia Will Have 3 Legal Payment Instruments

According to Bank Indonesia (BI), the digital economy and finance are rapidly growing in Indonesia, and the COVID-19 pandemic has brought unique opportunities for the country to develop its digital economy and finance. This has resulted in many Indonesians starting to move away from cash transactions using metal and paper money in this digital age.

Senior Deputy Governor of BI, Destry Damayanti, explains that the pandemic has raised awareness among the public of digital economy and finance, including payment systems and trade. Through digital advancements, transactions have become faster, cheaper, easier, and more secure.

As a result of this growth, Indonesia is now ranked as the country with the sixth-most digital economy and finance startups in the world, or the most in ASEAN.

Destry stated during the Festival of Digital Economy and Finance Indonesia (FEKDI) held at the JCC Jakarta on May 10, 2023, “This is why the digital economy and finance are growing rapidly, and don’t be surprised if Indonesia becomes the epicenter of growth in ASEAN.”

BI’s revelation is in line with the Indonesian government’s efforts to promote a cashless society, leaving paper money, which is believed to be more efficient and secure.

Therefore, this development is expected to have a positive impact on the country’s economy, as well as improve financial inclusion by providing more access to financial services for Indonesians.

As the digital economy and finance continue to expand in Indonesia, it is vital to ensure the security of digital transactions. In response to this, BI has been working with various stakeholders to improve the regulatory framework and promote financial literacy among the public.

In addition, the government has also been implementing various initiatives to increase digital infrastructure development and improve the readiness of the Indonesian workforce in the digital era.

Overall, Indonesia’s digital economy and finance growth is a significant achievement, and it is expected to continue to expand and provide opportunities for the country’s economic growth in the future. However, it is crucial to ensure that this development is inclusive and benefits all Indonesians, particularly those who may not have access to digital financial services.