BIDR
Crypto Overview
Purpose and Utility
BIDR is a stablecoin pegged to the Indonesian Rupiah (IDR), created through a partnership between Binance and Tokocrypto. Its primary purpose is to serve as a digital representation of the Indonesian Rupiah on the blockchain, facilitating crypto-fiat trading pairs and enabling Indonesian users to easily move between cryptocurrency and their local currency.
Business Model
The token operates as a fiat-backed stablecoin, with each BIDR token supposedly backed 1:1 by Indonesian Rupiah held in reserve. The business model revolves around providing a bridge between traditional finance and cryptocurrency markets, specifically for the Indonesian market.
Real-World Adoption
BIDR is primarily used on Binance and Tokocrypto exchanges for trading pairs. It serves as an entry and exit point for Indonesian traders and investors in the cryptocurrency market. The token has seen consistent usage within its intended purpose, though primarily concentrated on these specific platforms.
Platform Development
The token exists on multiple blockchain networks including Binance Smart Chain and Ethereum, allowing for cross-chain functionality. Development activity primarily focuses on maintaining the stability of the peg and ensuring proper integration with trading platforms.
Token Distribution and Governance
As a stablecoin, BIDR's supply is directly tied to the amount of IDR held in reserve. New tokens are minted when IDR is deposited, and tokens are burned when IDR is withdrawn, maintaining the 1:1 peg.
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.