The Central Bank of Indonesia has launched a whitepaper on digital currency for the Rupiah. This decision was made as Indonesia has seen a rapid increase in digital transactions since 2020.
In light of the fact that a number of national central banks located all over the globe want to introduce their very own central bank digital currency (CBDC), the Bank of Indonesia has decided to go one step further.
The dissemination of this Working Paper marks the beginning of the “Garuda Project,” which is a project that serves as the foundation for an endeavor to explore a variety of options regarding digital architecture designs for Rupiah.
When it comes to the distribution of legally binding online tenders, the digital Rupiah must remain solely within the jurisdiction of BI. At a news conference held in Jakarta, the Governor of the Bank of Indonesia (BI), Perry Warjiyo, revealed the central bank’s policy guidelines for the year 2023.
“Digital rupiah will be adopted in phases,” said Perry Wrjiyo, “beginning with wholesale CBDC for issuance, elimination, and transfer between banks.”
Perry Wrijiyo continued by saying that the next stage would be to build a business model for Digital Rupiah, which would involve financial operations and money markets, and that this would be the next step after his first declaration.
Compiled by Coinbold