INBLOCKS 2019: Various Types of Stablecoin in Cryptocurrency
Jeth Soetoyo, CEO of Rupiah Token, attended a panel discussion at the Indonesia Blockchain Conference, or INBLOCKS 2019. This annual event brought together all business people, community members and blockchain enthusiast in Indonesia. In the discussion, Jeth talked about various types of stablecoin in cryptocurrency nowadays.
“Currently, there are three types of stablecoin in the crypto exchange. First is the algorithmic stablecoin. The next is commodity-backed stablecoin, a type of stablecoin backed by various types of commodities—such as gold and silver. The third is stablecoin backed by fiat currency, such as Rupiah Token (IDRT), where the value of 1 IDRT is always equivalent to 1 Rupiah,” said Jeth.
Another thing emphasized by Jeth was the importance of stablecoin in the cryptocurrency because it’s considerably more stable than other crypto assets that have high volatility. Hence, the stability of stablecoins make them suitable for use as a storage unit of value, both in the short or medium term.
“Stablecoins such as Rupiah Token (IDRT) are stepping stones between digital wallet and digital money with blockchain technology,” he said.
Furthermore, there was also discussion about the regulation of digital assets in Indonesia. Jeth stated that the development of stablecoin by Rupiah Token follows the rules of the Indonesian Commodities and Futures Trading Regulatory Authority or Bappepti through regulation No. 5 of 2019 article 3 paragraph 2, which regulates the requirements of crypto assets that can be traded—such as based on distributed ledger technology, in the form of utility crypto assets or crypto-backed assets, exists in the largest crypto asset exchange transactions in the world, and so on.
“In the future, it is possible for Rupiah Token to cooperate with the Central Bank of Indonesia or other government agencies.”
About Rupiah Token
Established in January 2019, PT Rupiah Token Indonesia is a venture-capital backed startup based in Jakarta, Indonesia. We are the creator and issuer of Rupiah Token (IDRT), the first stablecoin that is backed 1:1 by Indonesian Rupiah. As a leading Blockchain technology company, our mission is to boost the acceptance of Indonesian Rupiah worldwide and accelerate the transition to a more inclusive and open financial system. IDRT is now supported in various cryptocurrency exchanges (Binance DEX, Uniswap, Bamboo Relay, DDEX, and DEX.AG) and wallets (Trust Wallet, Ledger Nano S, etc).
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