The former finance minister of Indonesia says that central banks should come up with their own digital currencies to counter the negative impact of Bitcoin.


The former finance minister of Indonesia, Muhamad Chatib Basri, told CNBC that central banks should think about issuing their own cryptocurrency to reduce Bitcoin’s threat to global financial stability.

Bitcoin is having the worst year start in its history after a series of hacking attacks, crypto advertisement bans by tech giants, and a regulatory clampdown around the world. To avoid cryptocurrency risks, Basri recommends that investors focus on blockchain rather than on Bitcoin.

“If you look at this cryptocurrency, we can see the risk to financial stability because if you are talking about Bitcoin there is no underlying asset,” he said.

“What the central banks can do perhaps is try to get into the technology…