What is Rupiah Token (IDRT)?

September 2, 2021
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Rupiah Token (IDRT) is the first crypto asset designed to have the same value as the Indonesian Rupiah.

Rupiah Token (IDRT)is a stablecoin or crypto asset that is backed 1:1 with other assets whose value is relatively stable, such as fiat/currencies issued by the government. Maybe you are still wondering what Rupiah Token is, its uses, and how it works. To better understand it, let’s see further explanation below.

What is stablecoin like IDRT used for?

As an asset that can easily be traded internationally, crypto excel from a technological point of view. However, the high fluctuations in the value of crypto assets make it not yet ideal to be used as a means of payment for daily transactions.

Stablecoins such as IDRT is a solution to the need for assets that can be traded easily anywhere, but with a more stable value. So what are the benefits of a stablecoin like IDRT?

1. Connecting rupiah with crypto technology

As explained earlier, stablecoins like IDRT were created to combine the advantages of crypto assets and fiat currencies. These advantages include fast transaction processing and the security or privacy of crypto assets, and the stable value of fiat currencies.

As an ERC-20 token or a token with a technical standard used in the Ethereum blockchain, IDRT allows you to transfer assets worth rupiah cheaply and quickly anywhere in the world. With traditional financial institutions such as banks, it takes quite a long time to send money abroad, and the cost is relatively high. With stablecoins, you can send funds quickly at a much lower cost.

Not only that, the delivery process no longer requires the role of third parties such as banks. You can directly send IDRT to the destination address via the Ethereum wallet you are using.

The combination of blockchain Ethereum and the stability of rupiah currency results in a digital asset that can be transacted or sent to any part of the world quickly without intermediaries such as banks.

2. Safe and immutable transactions

All transactions made on the blockchain are immutable, and cannot be changed. All transactions are also carried out according to smart contract rules, thereby eliminating the human error factor that can occur in traditional financial transactions.

3. Can be used on various crypto exchanges

IDRT is not only usable on the Ethereum blockchain. It is also available on Binance Chain (BEP-2), which is ERC-20 compatible. This means you can deposit ERC-20 Tokens into your Binance account and withdraw them in the form of BEP-2 tokens or vice versa.

In addition, you can also use IDRT to be exchanged for other crypto-assets for trading activities or used as an investment like fiat currency.

IDRT can be used for trading on various exchanges, be it Ethereum blockchain-based exchanges such as Uniswap, or centralized exchanges such as Binance. To see more details, you can visit [https://rupiahtoken.com/].

How does IDRT work?

When a user purchases IDRT using rupiah, PT Rupiah Token can print the equivalent amount of IDRT on the Ethereum blockchain. When a user wishes to withdraw his IDRT and exchange it for rupiah, PT Rupiah Token can burn an equal amount of IDRT from the Ethereum blockchain to reduce the total circulating supply. The user will then receive the rupiah back into his account.

PT Rupiah Token Indonesia guarantees that every IDRT in circulation is backed with rupiah, and provides a bank audit guarantee here: https://rupiahtoken.com/#reports

How many IDRT is on the market?

IDRT was developed by PT Rupiah Token Indonesia, a blockchain technology company from Indonesia. As of August 2021, IDRT tokens already circulating in the market reached more than 82.8 billion IDRT coins guaranteed in Rupiah of the same value. The IDRT trading volume reached 11.6 billion in 24 hours as of 12 August 2021.

How to get IDRT?

If you are interested in buying IDRT and trading other crypto assets, download Pintu, a cryptocurrency exchange application which has been registered with BAPPEBTI. With Pintu, you can start to invest in crypto from as little as IDR 11,000.

Author
Nadya Rahmaesya

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