- Bank Indonesia (“BI”) is currently developing a Digital ID system in order to build a national digital platform for data warehousing as one of the requirements for the future establishment of a digital central bank. The Governor of BI, Perry Warjiyo, has stated that the focus is currently on central bank payment system data, which will become a part of the overall national data. Accordingly, BI is currently developing data in relation to payment systems, the money market and other related data which will be required in order to engage in digital data warehousing.
- Through the collected data, digital and primary money will be calculated in a faster and more accurate way since it will be deposited into two types of accounts at the central bank, specifically standard and digital accounts.
- The Digital ID will also be able to develop money multipliers for circulating money that are characterized by both a narrower scope (M1) and wider scope (M2 and M3) for the economic segment. The Digital ID will enable the central bank to analyze differences through the utilization of excel econometrics.
- Despite the effectiveness that the Digital ID will offer, challenges still remain in terms of monetary stability risk, as well as operational systemic risk, as a part of overall cyber risk relating to digital development. (ANT)
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