Rupiah Token
Crypto Overview
Overview
Rupiah Token (IDRT) is a stablecoin pegged 1:1 to the Indonesian Rupiah (IDR), launched in 2019 by PT Rupiah Token Indonesia. It's built on multiple blockchain networks including Ethereum, Binance Smart Chain, and Polygon to facilitate IDR-denominated transactions in the crypto ecosystem.
Intended Utility
The primary purpose of IDRT is to serve as a digital representation of the Indonesian Rupiah on blockchain networks, enabling Indonesian users to enter and exit the crypto ecosystem while maintaining value stability in their local currency. It aims to reduce friction in cross-border transactions and provide a stable medium of exchange for IDR-based crypto trading.
Actual Utility
IDRT is actively used on major Indonesian cryptocurrency exchanges including Tokocrypto and Indodax. The token maintains consistent trading volume and serves its intended purpose as a fiat-backed stablecoin. Each IDRT token is backed by actual IDR held in custodian banks in Indonesia, with regular audits to verify the 1:1 backing.
Business Model Analysis
The business model is straightforward and transparent: users can mint IDRT by depositing IDR through partner banks, and redeem IDRT for IDR through the same process. The company generates revenue through minimal minting and redemption fees, which is a halal business model as it represents payment for a service rather than interest.
Project Governance
PT Rupiah Token Indonesia operates under Indonesian regulations and maintains necessary licenses for digital asset operations. The team is publicly known and the company maintains transparent operations with regular updates on their reserves and operations.
Crypto Impact
To assign a comfort level investing in Rupiah Token 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 Rupiah Token.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
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