Good morning Asia, here's how the markets are moving today: 1. Bitcoin seesaws before sinking below $28K; Dogecoin is hot after Twitter logo change. 2. Does Indonesia's CBDC offer a potential alternative to Mastercard and Visa? JPRubin23 writes
, Jokowi has faced difficult choices in navigating relationships with both Russia and the United States, particularly as he must address the need to buy more oil to offset a staggering jump in energy costs as well as an American desire to ally countries in the region together to contain China.
“Many Russian tourists who were visiting Bali could not pay for hotels and had to be kicked out of hotels because their credit cards could not be used," Erwin Haryono, Executive Director of Communications at Bank Indonesia, said toSanctions that Indonesia isn’t a party to prevent Visa and Mastercard from helping settle payments between Russian banks and Indonesian hotels, although the transaction wasn’t in U.S. dollars.
Jokowi wants Indonesia to be able to issue financial services such as credit cards independently, and has encouraged local and central governments to promote the use of the Domestic Government Credit Card and international Quick Response Code Indonesian Standard . These Domestic Government Credit Card and Indonesian QR code systems are just payment rails, which could process a CBDC like the digital Rupiah just as easily as any other fiat-issued currency.Indonesia isn’t the first country to try and claim some financial sovereignty from Visa and Mastercard’s payment rails.
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