BIDR
Crypto Overview
Overview
BIDR (Binance IDR) is a stablecoin pegged to the Indonesian Rupiah (IDR) at a 1:1 ratio, developed through a partnership between Binance and Tokocrypto. The token operates on multiple blockchains including Binance Chain and Ethereum.
Intended Utility
The primary purpose of BIDR is to serve as a digital representation of the Indonesian Rupiah, enabling Indonesian users to easily trade cryptocurrencies and participate in the digital asset ecosystem while maintaining value stability relative to their local currency. It aims to bridge traditional finance with crypto markets for Indonesian users.
Actual Implementation and Usage
BIDR is actively used on Binance's exchange and Tokocrypto's platform for trading pairs and as an onramp/offramp solution for Indonesian users. The stablecoin maintains its peg through a full backing of Indonesian Rupiah reserves held by regulated financial institutions.
Business Model Analysis
The token operates on a transparent model where each BIDR is backed by actual IDR deposits. The business model focuses on facilitating legitimate trading and exchange activities rather than speculative ventures. Regular audits and regulatory compliance measures are implemented to ensure the integrity of the backing reserves.
Founder and Development Assessment
The project is backed by Binance, the world's largest cryptocurrency exchange, and Tokocrypto, a regulated Indonesian crypto exchange. Both entities have established track records in the cryptocurrency industry and operate under regulatory oversight.
Crypto Impact
To assign a comfort level investing in BIDR from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to BIDR.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.