Is the digital Indonesian Rupiah on the way?

Indonesia's central bank publishes a whitepaper on digital currency.

Indonesia's central bank is publishing a whitepaper on digital currency.

Bank Indonesia has published a document outlining its plans for a central bank digital currency. It aims to preserve the Rupiah's sovereignty in the long term. So Indonesia is working on developing a central bank digital currency (CBDC). On Wednesday, November 30, Bank Indonesia presented the 'Garuda' project in a whitepaper. This is a national initiative to develop a digital Rupiah, which will be carried out in several phases. It will first be studied for wholesale customers and then tested for retail customers.

Bank Indonesia believes in the digital Rupiah

"Bank Indonesia believes that the digital Rupiah has the potential to safeguard the sovereignty of the Rupiah in the digital era. This includes supporting an integrated digital economy and financial world, and creating opportunities for more fair and sustainable financial inclusion," the central bank said. Bank Indonesia Governor Perry Warjiyo is optimistic about the project: "This is the future." Meanwhile, Europe is talking about rolling out a digital euro.

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