Public Consultation Report
We publish this report as a form of Bank Indonesia's transparency in
developing the Rupiah Digital design. This report constitutes a summary
of the public comments on the
Consultati ve Paper Project Garuda: Wholesale Rupiah Digital Cash
Ledger
received by Bank Indonesia between January 31, 2023, and July 15, 2023,
responding to the w-Rupiah Digital immediate state use cases, i.e.,
issuance, transfer, and redemption.
The Consultative Paper included 35 questions, which were divided into
two parts, namely functionality and general considerations, and then
further classified into six categories: i) access (participation, data
and wallet access); ii) issuance and redemption; iii) funds transfer,
gridlock resolution and settlement finality; iv) technical capability
and 3i aspects (interconnection, interoperability and integration); v)
technology (scalability and resilience); and vi) implications towards
the Payment System and Financial and Monetary Systems.
The participation and input of these diverse stakeholders is essential
for broadening the perspective in developing the Rupiah Digital design
that best meets the needs of the industry and the public.
Access the Full Report
here.
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Proof of Concept (PoC) Report
Building upon the ongoing initiatives under Project Garuda, Bank
Indonesia has successfully completed the Proof of Concept (PoC) for the
immediate state of Rupiah Digital exploration, marked by the issuance of
the PoC Report titled “Project Garuda: Wholesale Rupiah Digital Cash
Ledger" on Desember 13, 2024.
This PoC is an effort to evaluate the best-fit technology to fulfil the
design requirements of Rupiah Digital. The testing was conducted to two
potential distributed ledger technology (DLT) platforms to support
Rupiah Digital business model, focusing on the issuance, redemption, and
transfer processes.
The issuance of this report reflects Bank Indonesia's commitment be
transparent and collaborate with various stakeholders in every phase of
Rupiah Digital development. The outcomes of this PoC will serve as a
foundation for further exploration of Rupiah Digital, in order to
address the challenges of the evolving digital economy and finance in
the future.
Access the full PoC Report
here.
