The BON also highlighted in a statement issues towards the end of September that, although digital currencies such as Bitcoin (BTC) are still not legally recognized, retailers and dealers may take money in this form if they are “willing to participate in such an exchange or trade.” Notably, the central bank said that it is contemplating making changes to “applicable laws and regulations diligently in consultation with other relevant authorities.” The bank’s new stance on digital currencies seems to indicate that the BON is warming up to cryptocurrencies. The central bank has previously said:
Future of money an an ‘infection point’
In the announcement, Governor Johannes Gawaxab of the BON, who has been known to be sceptical of cryptocurrencies in the past, is reported as conceding that the future of money has reached a crucial juncture. He went on to explain: Nonetheless, Gawaxab argues that central bank digital currencies (CBDCs) provide something that privately issued or developed digital currencies cannot. Nonetheless, the BON governor stressed that his institution, which is likewise examining and analyzing the viability of launching a CBDC, would not hurry into it. The BON also shared that it will be releasing a CBDC consultation document in the month of October.
