Bank of Indonesia Announces CBDC Development Plan

Governor Perry Warjiyo of the Bank of Indonesia has revealed further steps in the country’s intentions to introduce a central bank digital currency, or CBDC, for different digital economic and financial operations.

Following discussions with central bank officials, the governor stated that the Bank of Indonesia intended for the digital rupiah to be integrated, interconnected, and interoperable with CBDCs from other countries.

Warjiyo stated in a speech at the central bank’s annual conference that the bank wanted to reveal specifics on the conceptual design of a digital rupiah and expose the topic to public debate.

Warjiyo originally stated intentions for Indonesia to launch a CBDC in May 2021, but no date for the digital currency’s introduction was given.

Project Garuda, a CBDC program, will introduce a wholesale digital rupiah for use cases of issuance, redemption, and interbank cash transfer, followed by monetary operations and financial market growth.

According to the project’s white paper, the third phase would focus on end-to-end transactions between wholesale and retail digital rupiah users.

Starting in 2017, Indonesia put a blanket ban on crypto payments. However, trading in digital assets has generally remained legal in the nation as regulated by the Commodity Futures Trading Regulatory Agency.

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