“Digital rupiah is inevitable. It’s the transaction tool of the future,” said Governor Perry Warjiyo in a briefing on Monday. The move will keep Indonesia at the forefront of efforts to develop a CBDC, like Project Dunbar and Project mBridge that Bank Indonesia also participates in, he added.
Indonesia is setting out its plans and concept for the digital rupiah, a blockchain-based currency, starting with transactions between local banks.
The so-called “Project Garuda” -- named after the mythical bird -- is Bank Indonesia’s attempt at experimenting with central bank digital currencies to safeguard its position as the sole authority issuing legal tender in a rapidly changing digital era. The monetary authority recently issued a white paper to detail its plans.
