The Indonesian Central Bank has completed a key phase in the development of digital rupiah as part of the ambitious Project Garuda.
A New Chapter for Digital Rupiah
Governor Perry Warjiyo announced the completion of the 'Immediate State', marking an important milestone in the digital rupiah's development. This phase supports the rupiah as Indonesia adapts to a rapidly changing digital economy. Warjiyo emphasized the bank's commitment to meeting the needs of a growing digital economy.
Technical Foundation of PoC
The Proof of Concept (PoC) evaluated the performance of digital rupiah using Distributed Ledger Technology (DLT). Bank Indonesia economist Fransiskus Xaverius Tyas Prasaja led the testing of R3’s Corda and Kaleido’s Hyperledger Besu platforms. The evaluation covered 55 scenarios assessing issuance, redemption, and fund transfers. Results showed high compatibility with traditional systems and ISO 20022 standard, enhancing transaction speed and flexibility with smart contracts. These successes lay the groundwork for future upgrades to the digital rupiah.
Global Vision for Digital Rupiah
The digital rupiah is designed for more than just local adaptation. Bank Indonesia plans to integrate it with existing payment systems to support both local and international transactions. This strategy connects digital economies globally while maintaining control over national currencies. Indonesia's progress positions it as a leader in the fast-developing digital financial environment.
Indonesia's remarkable accomplishments highlight its determination to lead in digital currency and financial technology.
