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Bank Indonesia has published a high-level design of Digital Rupiah development, as contained in a White Paper (WP), that launched in the Bank Indonesia Annual Gathering 2022 (30/11). The White Paper describes CBDC formulation in Indonesia that considers benefit and risk analysis as the preliminary step of Project Garuda, which aims to explore various initiatives concerning the choice of design architecture for the Digital Rupiah. The key drivers of Digital Rupiah development are: (i) affirming Bank Indonesia's function as sole currency issuing authority, including digital currency (Digital Rupiah sovereignty); (ii) strengthening Bank Indonesia's role in the international community; and (iii) accelerating national integration of the digital economy and finance.
At the launching event, Bank Indonesia Governor, Perry Warjiyo, highlighted the Digital Rupiah as an integral part of payment system policy to accelerate digitalisation, namely that “the Digital Rupiah will be implemented in several stages, commencing with wholesale CBDC for issuance, redemption and interbank fund transfers. This will be expanded in the second stage to support monetary operations and financial market deepening. In the third stage, wholesale CBDC will be integrated end-to-end with retail Digital Rupiah", explained Governor Perry.
The WP publication is expected to catalyse CBDC design development moving forward, with implementation thus in accordance with the policy context and characteristics. Bank Indonesia is confident that the benefits of CBDC will maintain rupiah sovereignty in the digital era, while supporting integration of the digital economy and finance and creating opportunities for more equitable and sustainable financial inclusion.
CBDC development itself requires the support of all stakeholders, including cooperation with other central banks and international organisations. Central bank digital currency (CBDC) development moving forward is an inevitability, not an option. Central banks must, therefore, explore and conduct trials to anticipate digital currency development moving forward.
More information about the Digital Rupiah design is available via the following link.
Jakarta, 30th November 2022
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