• News

At present, the piloting of Digital Rupiah continues internally. In addition, progress on digital rupiah is still in the conceptual design or proof of concept stage.

Bank Indonesia (BI) ensures that the issuance of digital rupiah, also known internationally as central bank digital currency (CBDC), will soon be implemented. BI Governor Perry Warjiyo stated that the issuance process is currently in the stage of testing ideas or concepts for the development of Digital Rupiah technology.

"We are currently finalizing the proof of concept for digital rupiah, which is the first stage of digital rupiah. We are still selecting the technology to be used," said Perry at the Mandiri Investment Forum 2024 in Jakarta, Tuesday (5/3/2024) as quoted from cnbcindonesia.com.

Although still in the finalization stage of the proof of concept, Perry stated that the initial stages of digital rupiah issuance will be carried out through selected banks and non-bank entities, known as 'wholesalers' and 'retailers'. BI will also establish the Digital Rupiah Treasury as its distribution platform.

"We are still selecting the largest banking wholesaler. Through this stage, we will distribute digital rupiah and grant licenses to major businesses to enter the retail market with open accounts or other digital assets," Perry explained.

As an initial step in the development of digital rupiah, BI issued a White Paper on Digital Rupiah development on November 30, 2022. This White Paper serves as an initial presentation of the Garuda Project, outlining the high-level design of Digital Rupiah and serving as a form of communication to the public regarding the Digital Rupiah development plan.

The White Paper explains the integrated design configuration of Digital Rupiah, features that enable the development of new business models, the technology architecture of Digital Rupiah, as well as regulatory and policy support for the implementation of Digital Rupiah design.

For the development concept of wholesale Digital Rupiah (w-Digital Rupiah), access is limited and distributed only for wholesale transaction settlements such as monetary operations, forex transactions, and money market transactions.

Meanwhile, the development concept for retail Digital Rupiah (r-Digital Rupiah) has open access to the public and is distributed for various retail transactions in the form of payments or transfers, by individuals or businesses (merchants and corporations).

IN