Project Garuda is an initiative which encompasses the endeavors in exploring the optimal design for Indonesian CBDC, or Digital Rupiah. Digital Rupiah is a contribution brought by Bank Indonesia to the nation in a struggle to safeguard the sovereignty of Rupiah in the digital era.
The project reinforces Bank Indonesia's preceding initiatives in advancing digital transformation of the country, particularly with the mutual objective of accomplishing an end-to-end integration of economy and finance, which has been promoted through the Indonesian Payment System Blueprint 2025 (BSPI 2025) and Blueprint for Money Market Development 2025 (BPPU 2025).
As a first step, Bank Indonesia issued a white paper concerning the development of Digital Rupiah on 30 November 2022. The White Paper elaborated the high-level design for Digital Rupiah under the hood of Project Garuda as well as initiated public communication regarding the development plan of Digital Rupiah.
This White Paper elucidated: (i) Digital Rupiah end-to-end integrated design configuration, (ii) Digital Rupiah design features that would stimulate new business models, (iii) Digital Rupiah technology architecture, as well as (iv) regulatory and policy supports for the implementation of the Digital Rupiah design.
Considering its extensive implications, this national-scale initiative requires synergistic efforts in its formulation and implementation. Similarly, the synergy with the international central banking community and international organizations is essential to ensure the alignment of the Digital Rupiah design with various interoperability initiatives for cross-border transactions.
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We publish this report as a form of Bank Indonesia's transparency in developing the Digital Rupiah design. This report constitutes a summary of the public comments on the Consultative Paper Project Garuda: Wholesale Digital Rupiah 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 Digital Rupiah design that best meets the needs of the industry and the public.
Full access of the report.
What is a CBDCs?
CBDCs are a new form of central bank money which is the liability of the central bank, is denominated in the national official currency, and could serve as a medium of exchange, unit of account, or store of value.
