Digital Rupiah Will Make Big Problem If It Is Applied Like In Nigeria

The Indonesia Central Bank plans to launch digital Rupiah. The plan is part of the Garuda Project. Digital rupiah will not replace banknotes, but it will be compatible for digital payment.

If the application is similar to the launch of Nigerian digital currency, Digital Rupiah will be a major issue.

Nigeria will soon begin restricting ATM withdrawals to just $45 per day as part of a push to move the country toward a cashless economy.The policy – which will also apply to banks and cashback from purchases – follows the launch of the West African nation's newly designed currency notes to control the money supply.
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Most Indonesians still use coins and banknotes for their daily transactions. For B2B transactions, many corporations use checks and bank statements. Another reason is the security. Owning large amounts of digital currency will have more risks because there are many security issues. The leak of millions of private records of Indonesian citizens will be a future concern for Digital Rupiah users.

People still trust banking institutions to store their large amounts of money instead of digital wallets. Currently, there are some digital payment systems that operate in Indonesia, like GoPay, Shopeepay, Ovo, Dana, and mobile banking wallets. Those digital wallets will limit the transactions. People use those wallets for online shopping. If one wants to make a big transaction, he will go to a bank.
How about digital rupiah? There have been no institutions that have announced themselves as official partners of this project as of yet.The Indonesian Central Bank still presents the projects at some business conferences. In the end, Digital Rupiah will not be acceptable for daily transactions in traditional markets. In fact, most markets in Indonesia are still traditional. Moms who always shop for vegetables and meat in the traditional markets will reject digital rupiah first. LOL ..

Source of article ; https://www.thestar.com.my/business/business-news/2022/12/07/bank-indonesia-digital-rupiah-wont-cut-out-banks-fintech-firms