Bittime - Digital rupiah, the latest news from Bank Indonesia which continues to carry out studies by paying attention to CBDC development in other countries.
When many countries have started, even implemented digital versions of their state currencies, it is clear that Indonesia does not want to be left behind.
After being introduced in 2022, there is now the latest news from Bank Indonesia regarding the development of the Digital Rupiah.
What is the Garuda Rupiah Digital Project?
The Garuda Initiative is a program that oversees the exploration of the design of an Indonesian CBDC known as Digital Rupiah.
Digital Rupiah is Bank Indonesia's contribution to maintaining Rupiah sovereignty in the digital era.
This project is part of Bank Indonesia's efforts to encourage national digital transformation, especially in comprehensive digital economic and financial integration, which has been pursued through the Indonesian Payment System Blueprint 2025 (BSPI 2025) and the Money Market Development Blueprint 2025 (BPPU 2025).
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Rupiah Digital Architecture
The digital Rupiah technology structure will be divided into three layers , namely technology platforms, digital assets and use cases .
First, at the technology platform level, there are features that support Digital Rupiah such as smart contracts , identity services , regulatory services, use of cryptography , application programming interfaces (API), and Sandboxing schemes.
Second, at the digital asset level, there are digital assets managed by Bank Indonesia, including two main digital assets: Digital Rupiah and digital securities.
Third, at the use case level , there are functions and services that utilize digital assets . This level includes use cases owned by Bank Indonesia and external parties.
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Latest News, Digital Rupiah Still in Godog
Bank Indonesia (BI) has announced the latest progress regarding the Digital Rupiah. Elyana Widyasari, Performance Manager at BI's Payment System Policy Department (DKSP), stated that the process of creating digital currency by BI is still in the stage of collecting input from various policy stakeholders.
"Currently, BI is continuing the development of the Garuda project. Stakeholders are being prepared to provide their input," said Widyasari in a discussion with journalists in Samosir Regency, North Sumatra, as reported on Monday (29/4/2024).
Reviewing Other Countries' Digital Currencies
Elyana stated that in developing the Digital Rupiah, Bank Indonesia was also paying attention to the development of similar digital currencies abroad. He emphasized that this development was carried out carefully.
"When we developed this, we also paid attention to international developments regarding the growth of crypto as a means of payment," he said.
Elyana explained that alternative payment models such as digital currencies and crypto also have risks. One of the risks is that it is difficult to control this type of currency.
"With every innovation, there are risks that accompany it," he said.
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POC Plan for 2024
Previously, Bank Indonesia set a target that the Digital Rupiah would reach a new stage in 2024.
BI Deputy Governor, Juda Agung, said that in 2024, the plan is to launch the Digital Rupiah to enter the proof of concept (POC) stage. "In 2024, the proof of concept stage will begin," he said.
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Digital Rupiah is only a complement
The digital rupiah will have a format that allows it to be used like physical money (banknotes and coins), electronic money (chip and server based), as well as money in the form of payments using cards or mobile payment instruments such as debit cards and credit cards which are commonly used today.
This payment instrument issued by Bank Indonesia is not a crypto asset or stablecoin. Rupiah Digital is the Central Bank Digital Currency (CBDC) which functions as the official currency of the Republic of Indonesia.
Even though it is developed, the Digital Rupiah will be a complement and is not intended to replace paper money, coins, or payment instruments that already exist and are used by society today.
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